The rupee has strengthened in a limited range on Thursday before the results of the monetary review meeting of the Reserve Bank of India (RBI) on Friday. It closed at 81.80 per dollar (tentative) with a gain of 13 paise against the US currency.
The rupee has strengthened in a limited range on Thursday.
The rupee has strengthened in a limited range on Thursday before the results of the monetary review meeting of the Reserve Bank of India (RBI) on Friday. It closed at 81.80 per dollar (tentative) with a gain of 13 paise against the US currency. The rupee opened at 81.60 per dollar in the interbank foreign exchange market and after fluctuating between the day’s high of 81.58 and the day’s low of 81.94 during the trading, it finally gained 13 paise against its previous closing price. 81.80 per dollar.
Earlier there was a continuous decline
On Wednesday, the exchange rate of the rupee was down by 40 paise to close at 81.93 per dollar. Traders have taken a cautious approach before any decision regarding the monetary policy of the Reserve Bank. Meanwhile, the dollar index, which measures the strength of the dollar against the world’s six major currencies, climbed 0.55 per cent to 113.22. Whereas, global oil standard Brent crude futures rose 0.25 per cent to $ 89.54 per barrel.
The 30-share Sensex of BSE closed at 56,409.96, up 188.32 points. According to stock market data, foreign institutional investors have remained net sellers. He sold shares worth Rs 2,772.49 crore on Wednesday.
What happens to you and us?
The impact of rupee depreciation can be seen on common man’s life. This is also being seen in the form of inflation rate in recent times. The weakening of the rupee reduces the effect of any shortage in the imported commodity from the international market. In such a situation, it will take more time to get the benefit of the fall in crude oil because the depreciation of rupee in the midst of fall in prices will increase the import bill and this will continue to burden the exchequer. Right now there is a decline in crude oil in the foreign markets, but due to the weakening of the rupee, the common people are not getting the benefit of it.
The common man gets the benefit when the commodity prices fall in the world markets and the rupee becomes stronger against the dollar. Common people get relief on the inflation front only when the commodity prices fall in the global market and the rupee strengthens. However, seeing the recent declines, there is no possibility of strengthening the rupee so soon. The rupee has been trading at a lower level against the dollar for several days in a row.
(with language input)