Rupee Dollar Rate: There has been a slight improvement in the movement of Indian Rupee against the US Dollar today. Today the Indian currency rupee has opened on the strength of 3 paise in front of the dollar. Yesterday the rupee had closed at an all-time low of 78.04.
What was the opening level of Rs.
If seen in rupee, today business is open with slight strength as compared to yesterday. Today the rupee has opened at 78.01 per dollar level, whereas yesterday it closed at 78.04 per dollar level. This level of rupee was the most declining level so far yesterday.
How was the business closed yesterday?
Yesterday, the rupee declined for the third consecutive trading session against the dollar and on Monday, the rupee fell by 11 paise to a record low of 78.04 per dollar against the US dollar in the Foreign Currency Exchange market. The softening of the global market and the strengthening of the dollar abroad affected the business sentiments of the investors.
The impact on the business sentiment of the rupee
Investors preferred safe-haven investments on fears of a policy rate hike by the Federal Reserve after US consumer inflation hit a four-decade high in May, propelling the dollar. Traders said weakening Asian currencies and frequent outflow of foreign capital also affected the rupee’s trading.
how did you get off yesterday
The rupee opened at 78.20 against the dollar in the Interbank Foreign Currency Exchange market and went up to a high of 78.02 and a low of 78.29 in the day’s trading. At the end of trading, the rupee fell by 11 paise to 78.04 per dollar against its previous closing price of Rs 77.93, which is the lowest level ever.
HDFC Securities Research Analyst, Dilip Parmar There is speculation of an aggressive interest rate hike by the Federal Reserve on Wednesday, with inflation reaching a record four-decade high in the US on Friday. With this, the dollar has strengthened further due to the increase in US Treasury income. After Friday’s US inflation data is out, money markets are expecting the Federal Reserve to aggressively raise the policy rate. However, there has been some curb on the fall of rupee in India after the intervention of the central bank.
Dollar index status
Meanwhile, the dollar index, which reflects the position of the US dollar against the six major currencies, rose 0.55 per cent to 104.71. Global oil standard Brent crude futures fell 1.58 percent to $ 120.08 a barrel.