Rupee recovers after two days of sharp fall, domestic currency above the level of 77 even after correction

Rupee recovers after sharp fall

Rupee (Dollar vs Rupee) has improved from its record low levels against the dollar today. The domestic currency (Rupee) has seen a sharp decline for the last two days and the rupee had reached its all-time low levels on Monday. In Tuesday’s trade, the rupee has seen improvement of 10 paise against the dollar and the rupee closed at 77.34 level. The recovery in rupee was recorded due to the softening of crude oil prices and improvement in other currency against the dollar. On the other hand, if currency market experts are to be believed, the intervention of the Reserve Bank has helped in handling the rupee. However, due to the softness in the stock market and frequent exit of foreign funds, the rupee’s gains were limited. How was today’s business In the currency market, the rupee opened at the level of 77.27 against the dollar today and was passing from the level of 77.2 to 77.45 during trading. At the end of trading, the rupee closed at 77.34 against the dollar, which is 10 paise stronger than the closing level of the previous trading session. On Monday, there was a sharp fall of 54 paise in the rupee against the dollar. Today the rupee reached the all-time low of 77.44 per dollar. Dilip Parmar, Research Analyst, HDFC Securities said that gains in riskier assets in the regional currency have influenced the rupee’s trading today. The domestic currency may benefit from the stabilization of risk sentiments since the sell-off in the recent past. However, due to the rise in crude oil and withdrawal of funds by foreign funds, there will be an adverse effect on the rupee. The tightening of policies by the Federal Reserve, concerns about growth and an uncertain environment are benefiting the dollar. However, short term profit booking in Dollar Index also cannot be ruled out as Dollar Index is facing resistance at 104 level. The dollar index rose by 0.03 percent to reach the level of 103.68 today. Where can the rupee reach Motilal Oswal’s forex analyst Gaurang Soumeya has estimated that the Reserve Bank may intervene to stabilize the rupee on the fall in the rupee. In the short term, the dollar-rupee exchange rates may remain in the range of 77 to 77.6 while maintaining the upward trend. According to Jatin Trivedi, Senior Research Analyst, LKP Securities, the rupee can remain in the range of 77.2 to 77.8 this week. On the other hand, according to Rahul Kalantari, VP of Mehta Equity, the dollar-rupee futures contract can break the level of 78 if it declines. According to him, along with signals from the Federal Reserve, reduction in foreign exchange reserves and increasing trade deficit has also increased the pressure on the rupee. Market experts have predicted that the Reserve Bank can intervene to stop the fall in the rupee. At the same time, the dollar index, which reached higher levels, has also expressed the possibility of profit booking, due to which the rupee can get some support.

rupee against dollar ,Dollar vs Rupee) has improved from its record lows today. domestic currency (Rupee) has seen a sharp decline for the last two days and the rupee had reached its all-time low levels on Monday. In Tuesday’s trade, the rupee has seen improvement of 10 paise against the dollar and the rupee closed at 77.34 level. Recovery Crude Oil Prices in Rupee (Crude Oil Price) and correction in other currencies against the dollar. On the other hand, if currency market experts are to be believed, the intervention of the Reserve Bank has helped in handling the rupee. However, due to the softness in the stock market and frequent exit of foreign funds, the rupee’s gains were limited.

how was today’s business

In the currency market today, the rupee opened at 77.27 against the dollar and remained at the level of 77.2 to 77.45 during trading. At the end of trading, the rupee closed at 77.34 against the dollar, which is 10 paise stronger than the closing level of the previous trading session. On Monday, there was a sharp fall of 54 paise in the rupee against the dollar. Today the rupee reached its all-time low of 77.44 per dollar. Dilip Parmar, Research Analyst, HDFC Securities said that gains in riskier assets in the regional currency have impacted the rupee’s trading today. The domestic currency may benefit from the stabilization of risk sentiments since the sell-off in the recent past. However, due to the rise in crude oil and withdrawal of funds by foreign funds, there will be an adverse effect on the rupee. The tightening of policies by the Federal Reserve, concerns about growth and an uncertain environment are benefiting the dollar. However, short term profit booking in Dollar Index also cannot be ruled out as Dollar Index is facing resistance at 104 level. The dollar index rose by 0.03 percent to reach the level of 103.68 today.

where can the rupee reach

Gaurang Soumeya, forex analyst at Motilal Oswal, has predicted that the Reserve Bank may intervene to stabilize the rupee if the rupee falls. In the short term, the dollar-rupee exchange rates may remain in the range of 77 to 77.6 while maintaining the upward trend. According to Jatin Trivedi, Senior Research Analyst, LKP Securities, the rupee can remain in the range of 77.2 to 77.8 this week. On the other hand, according to Rahul Kalantari, VP of Mehta Equity, the dollar-rupee futures contract can break the level of 78 if it declines. According to him, along with signals from the Federal Reserve, reduction in foreign exchange reserves and increasing trade deficit has also increased the pressure on the rupee.