Rupee at new record lows
According to market experts, a further fall in the rupee was possible today, but after the fear of recession around the world, the fall in crude oil gave some support to the rupee. At the same time, the dollar index remained above 104 with an increase.
Rupee against dollar (dollar vs rupee) has seen a steady decline. With the weakness of the rupee in Wednesday’s trade, the rupee reached the lowest levels so far. This weakness in the rupee has been seen due to the withdrawal of funds from the country by foreign investors and the fall in the domestic stock market. Along with this, the strengthening of the dollar also affected the rupee. According to market experts Rupees , dollar rate in rupeeA further decline was possible today but after fears of recession around the world, crude oil (Crude OilDue to the fall in ) the loss in rupee was slightly less. On Wednesday, the rupee closed at 78.32 with a weakness of 19 paise, which is the lowest level of the rupee.
how was today’s business
Against the dollar in today’s trade, the rupee opened at the level of 78.13 against the previous levels, which was also its highest level of the day. Due to weakness in business, the rupee reached the level of 78.7 against the dollar, which is the lowest level of the rupee. At the end of trading, the rupee registered an improvement and closed at the level of Rs 78.32. Sugandha Sachdeva, Vice President Commodity and Currency Research, Religare Broking said that the rupee hit a new all-time low due to foreign investors pulling out funds from the domestic market and strengthening of the dollar. According to him, sentiments among investors have deteriorated due to the fear of tough steps by the Central Bank amid new apprehensions about growth around the world. In fact, Britain’s inflation rate has reached a 40-year high. Due to which there is a fear that the shock of rising inflation and declining growth may be seen in Britain. At present, investors are waiting for a statement from Federal Reserve chief Powell. By which they can get indications of the direction of the policy. According to Sachdeva, this can give further direction to the rupee, which is currently getting strong support at 78.5.
what are the other signs
There has been limited strength in the cover dollar index and the index rose 0.05 percent to the level of 104.48. There has been a decline in the domestic stock market today and both the major indices have closed with a loss of more than 1 percent. On Wednesday too, there was a sell-off from foreign investors and FIIs have sold shares worth about Rs 3,000 crore. Rupee gets support from crude oil prices Today Brett crude prices have seen a fall of more than 4 percent and the prices reached below the level of $ 110 per barrel.