Two weeks ago i.e. on February 10, there was a big fall of 45 paise during the business session against the rupee. Since then, there has not been such a big fall in the rupee against the dollar. But on Tuesday, a havoc on the rupee was broken. After the currency market is closed, the rupee has seen a decline of more than 50 paise against the dollar. Which is the biggest decline of two weeks. According to experts, the rupee has seen a decline due to the tremendous demand of the dollar. In the coming days, there may be further decline in the rupee. On Monday too, there was a decline of 4 paise in the rupee against the dollar. Let us also tell you which level the rupee has come in against the dollar.
The rupee closed down 51 paise against the US dollar on 87.23 (provisional) on Tuesday, amid uncertainty on US trade duty on the end of the month. Forex traders said that higher greenbacks and continuous FII outflows also contributed to the domestic unit to fall in the domestic unit. In the Interbank Foreign Currency Exchange Market, the rupee opened weak at 86.83 and closed at 87.23 (provisional) with a decline throughout the day, which is 51 paise less than the last bandh. The local unit i.e. the rupee closed on Monday at 86.72. The rupee fell faster against the US dollar amid uncertainty on US trade duty and demand from importers at the end of the month. The rupee was also affected by covering short positions due to the termination of futures contract.
Research analyst Anuj Chaudhary of Mirae Asset Sharekhan said that we hope that the rupee will do negative business due to overall weakness and frequent FII outflow in domestic markets. Any improvement in US dollars can also affect the rupee. However, due to any intervention of RBI and weakness in crude oil prices, the rupee can get support at the lower level. Finrex Treasury Advisors LLP's Treasury Head and Executive Director Anil Kumar Bhansali said that after the US President's saying that the tariff scheme on Mexico and Canada will proceed according to the tariff scheme, the dollar falls at the lowest level in 2 months due to safe investment inflow. After some damage came back. Chaudhary said, the spot price of USD/INR is expected to be between Rs 86.85 to Rs 87.40.
Meanwhile, in domestic equity markets, the Sensex climbed 147.71 points to close at 74,602.12 and the decline of five sessions came to an end. However, the process of decline in the Nifty continued and it fell 5.80 points to 22,547.55. The dollar index, which estimates the strength of greenback compared to a basket of six currencies, reached 0.04 per cent at 106.64 .. Global oil benchmark brent crude fell 0.12 per cent to 74.69 per barrel in futures trading. According to exchange data, foreign institutional investors (FIIs) on Monday sold equity worth Rs 6,286.70 crore on a pure basis.
