Rupee Vs Dollar, Rupee Gain Strength Of 13 Paisa In Opening Trade
Rupee Vs Dollar: The Indian rupee yesterday touched Rs 78.40...
Rupee Vs Dollar: The Indian rupee yesterday touched Rs 78.40 per dollar against the US dollar and touched its all-time low. The rupee had closed at 78.39 against the dollar in yesterday’s trade and today it was trading at 78.26 with a strength of 13 paise in early trade.
Rupee closed at new record low yesterday
The rupee on Wednesday depreciated 19 paise to a new record low of 78.39 against the US dollar on continued outflow of foreign funds and a fall in the domestic equity market. Forex traders said that the dollar’s strength overseas also affected the rupee’s sentiment. However, a fall in crude oil prices in the international market limited the losses to the rupee.
What are the experts saying
Sugandha Sachdeva, Vice-President, Commodity and Currency Division, Religare Broking said, “After hovering around the 78 mark for some time, amidst unhindered outflows from domestic equities and a strengthening dollar, the Indian rupee set a new record against the dollar. Went down to a lower level.” Jatin Trivedi, Vice President, Research Analysis, LKP Securities said, “The rupee weakened below 78.30 on account of aggressive Fed Reserve’s stance and aggressive selling by foreign institutional investors in the Indian markets.”
Dollar index status
Meanwhile, the dollar index, reflecting the position of the US dollar against the six major currencies, rose 0.05 per cent to 104.48. Global oil index Brent crude futures fell 4.46 per cent to $109.54 per barrel. According to the provisional data of the stock market, foreign institutional investors were net sellers in the stock market. He sold shares worth a net Rs 2,920.61 crore on Wednesday.