US President Donald Trump’s operation ‘T’ i.e. tariff is continuously deteriorating. A day earlier, there was a decline of 50 paise in the rupee against the dollar. Which was the biggest decline of about 3 months. Before that, there was a decline of 32 and 14 paise. Due to which three consecutive business seasons have been seen to fall to 96 paise. Now Trump has announced a tariff on India’s pharma sector. Due to which the rupee is seeing a decline of 30 paise in the fourth consecutive trading day and the rupee has come down to $ 86.56 per dollar against the dollar. Foreign currency traders say that despite the huge decline in crude oil prices and weakening of American currency, the possibility of a trade war worldwide is increasing the possibility of global economic ration, which is increasing the evacuation of foreign funds with a decline in stock markets.
The rupee opened at 86.52 in the Interbank Foreign Currency Exchange Market and reached a low of 86.60, but in early trade, a little stronger against the dollar to 86.56, which is 30 paise less than the previous closed level. On Tuesday, the rupee fell 50 paise to close at 86.26 against the dollar. This was the biggest one -day decline in the rupee since January 13, when the rupee fell by 66 paise. Earlier on Monday and Friday, the rupee had fallen by 32 paise and 14 paise respectively. This means that the rupee has seen a decline of Rs 1.26 so far.
Meanwhile, the dollar index measuring the dollar’s strength against six currency was trading at 102.09. Brent crude oil fell 3.63 percent to a record low of $ 60.50 per barrel. On the domestic large economic front, investors are waiting for the policy decisions of the Reserve Bank of India. The RBI monetary policy committee headed by Governor Sanjay Malhotra started its three-day deliberations on major interest rates on Monday and announced its results on Wednesday. In which a cut of 0.25 percent can be seen.
In the last session, the benchmarks of the stock market, over the record low, were trading again with a decline. The 30 -share BSE Sensex fell 433.92 points or 0.58 percent to 73,793.16, while the Nifty fell 158.60 points or 0.70 percent to 22,377.25. On Monday, both index fell more than 5 percent to close near 3 percent. According to exchange data, foreign institutional investors (FIIs) on Tuesday sold equity worth Rs 4,994.24 crore on a pure basis.
