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Monday, May 23, 2022

Rupee Open: Rupee opened strong by 8 paise with correction, opened at 77.34 per $ and came up to 77.31

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Rupee Open: The depreciating rupee against the dollar is now showing some restraint. Yesterday i.e. on Thursday, the Indian rupee had come down to its lowest level at Rs 77.59 per dollar against the dollar. Rupee opened today at 77.34, which was closed yesterday at 77.42, that is, today the rupee has opened with a gain of 8 paise.

Rupee reaches 77.31 in early trade
Today, the rupee recorded a strength of 19 paise in early trade and it had come down to Rs 77.31 per dollar. The rupee climbed 19 paise against the US dollar in early trade on Friday. Some weakness in the US currency supported the rupee. Earlier on Thursday, the rupee had closed at an all-time low against the US currency. In the interbank foreign exchange market, the rupee opened at 77.35 against the US dollar, and then registered an increase to 77.31, showing a gain of 19 paise over the previous closing price. The rupee on Thursday closed 25 paise lower at 77.50 per dollar against the US currency, its all-time low.

know other facts
Forex traders said that the rupee may trade in a limited range against the US currency. Meanwhile, the dollar index, reflecting the US dollar’s position against the six major currencies, declined 0.19 per cent to 104.65. Global oil standard Brent crude futures were up 1.68 percent at $ 109.25 per barrel. According to provisional data of the stock market, foreign institutional investors sold shares worth Rs 5,255.75 crore on a net basis on Thursday.

Why is the dollar rising and the rupee falling?
Due to the rise in interest rates due to the peak of inflation in the US markets, dollar sentiment has strengthened and its effect is coming on the global currency market. In the inflation data that came yesterday, US inflation data has come at 8.3 percent in April, but in March it was at 8.5 percent, which was its peak in 40 years.

Inflation in the US is still close to the high level of 40 years and it is believed that the US Federal Reserve will increase interest rates in the next Fed meeting to control it. Its direct effect will be seen in the form of further increase in dollar prices.

What will be the effect in India due to continuous rise of rupee
India’s import expenditure is expected to increase greatly due to the continuous rise of the rupee and this will make the import of essential commodities expensive in the country. Due to this there is a fear of reduction in the foreign exchange reserves of the country and it will also affect the common people.

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