Rupee Is Trading Very Low Against US Dollar, Came At 79.53 In Early Trading
Rupee Vs Dollar: US-China tensions and disappointing macroeconomic data have...
Rupee Vs Dollar: US-China tensions and disappointing macroeconomic data have affected investor sentiment. Due to this, the rupee has fallen by 36 paise to Rs 79.53 against the US dollar in early trade on Thursday, while it started at 79.23.
How was the trade in rupees
The rupee opened at 79.23 in the inter-bank foreign exchange market, but soon it slipped to the level of 79.53. In this way, the rupee lost 36 paise in the opening trade as compared to the previous trading day. On Wednesday, the rupee had closed 60 paise lower at 79.17 against the US dollar, which was the biggest fall in a day’s trade in the current financial year.
picture of dollar index
The dollar index, which measures the strength of the dollar against the world’s six major currencies, fell 0.08 percent to 106.41. Global oil benchmark Brent crude futures rose 0.24 per cent to $ 97.01 per barrel.
what the experts say
HDFC Securities Of Research Analyst Dilip Parmar The rupee will remain weak amid high trade deficit figures and heavy demand for the dollar, as risks associated with US-China tensions among traders have increased demand for the dollar.
BNP Paribas By Sharekhan In Research Analyst Anuj Choudhary Said that the pressure on the rupee has increased due to the coming out of India’s disappointing macroeconomic data. India’s service PMI declined to 55.5 in July from 59.2 in June, while the PMI declined to 56.6 from 58.2 during the same period, while India’s trade deficit widened to $31.02 billion in July from $26.18 billion in June. has reached a record level. Due to all these reasons, a negative effect is being seen on the business of the rupee and it is trading with a big decline. Even after this, there is a possibility of staying in the negative zone.
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