There is a steady decline in the rupee against the dollar
The Indian rupee has been in a bad state ahead of the dollar. On Monday, the US dollar fell at the lowest level of 88.82 against the US dollar. In the foreign market, the pressure on the domestic currency has increased due to the strengthening of the dollar and the rise in crude oil prices overnight.
According to foreign exchange traders, the US dollar and the Indian rupee, however, traded within a limited range. It was supported by positive domestic stock markets amidst withdrawal of foreign capital and geopolitical developments. The rupee opened at 88.75 against the US dollar in the interbank foreign currency exchange market. At the end of the trading, it closed at 88.82 per dollar, which is a decline of three paise in the previous closed price.
Will the power of Indian rupee decrease more
The rupee closed at 88.79 against the US dollar with a decline of eight paise on Friday. Earlier on September 30, the rupee reached an all -time low of 88.80 against the US dollar. According to Anuj Chaudhary, a research analyst of Mirae Asset Sharekhan's currency and commodity, we estimate that the rupee will trade with a positive attitude due to strength in domestic markets and overall weakness in US dollars. Weakness in global crude oil prices can also be beneficial for rupees. However, importer demand for dollars can prevent a sharp lead. The spot price of dollars/rupees is estimated to be between 88.50 and 89.
What do Global Services say
Meanwhile, the dollar index, which showed the US dollar situation against six major currencies, gained 0.73 percent to 98.43. Sensex in the Ghrelu stock markets rose 582.95 points to 81,790.12 points while the Nifty closes at 25,077.65 points with a gain of 183.40 points. International standard brant crude 1.61 percent gained at 25,077.65 points. It was at the price of $ 65.58 per barrel. According to the stock market data, foreign institutional investors (FIIs) were selling on Friday and purely sold shares worth Rs 1,583.37 crore.
