The rupee continues to depreciate against the dollar. On Wednesday, it fell and closed for the first time by reaching above 80. RBI will sell one-sixth of the total foreign exchange reserves i.e. $100 billion to stop the ongoing fall in the domestic currency. With this move, the central bank can stop the fall of the rupee for 4 months. The rupee has lost more than 7 percent since January this year.
Sources say that if the RBI does not stop the fall, then the rupee may weaken further. In such a situation, the central bank can sell more than $100 billion from foreign exchange reserves to support the domestic currency. Sources said the fall in the rupee is in line with global conditions. RBI does not try to stop this decline soon. However, he has the means to stop it at any time. Can sell more dollars if needed. agency
Rupee may fall till 85
The value of the rupee is yet to fall further. However, the recent move by RBI may help the domestic currency to some extent. A trader said, due to the tough policies of America, there is a fear that the rupee may fall to 84-85.
trying to bring in foreign investors
The government and RBI are trying to get the foreign investors back. He expects foreign investors to come back in a month. However, the Singapore trader said, interest rates are very high. In such a situation, the chances of foreign investors coming to India fast are very less.
Rupee depreciates less against foreign currencies: CEA
Chief Economic Adviser (CEA) V Anantha Nageswaran said on Wednesday that the depreciation of the rupee against the dollar is far less than the fall in other currencies of the world. The US Federal Reserve's aggressive monetary policies are responsible for the fall in the rupee and other currencies. Foreign capital is being pulled out of emerging economies due to the tough attitude of the Federal Reserve.
If the ringmaster does not go according to the Fed Reserve, then there is a risk to the currency: Uday Kotak
Uday Kotak, MD, Kotak Mahindra Bank said, "Ringmaster Central banks that are not compliant with the US Federal Reserve are facing the risk of their currencies collapsing. In the tweet, central banks led by the Fed Reserve go in a swarm. Whether the path is easy or difficult... if you get out of the way, your posture will collapse.
Foreign exchange reserves fell by $ 60 billion
The country's foreign exchange reserves have been depleted by $60 billion. In September last year, reserves stood at $ 642 billion, which declined to $580 billion. Despite this, RBI's reserves are the 5th largest among the world's central banks.
Digital currency will come in early 2023
RBI is working on the implementation of Central Bank Digital Currency (CBDC) in the wholesale and retail sectors in a phased manner. RBI Executive Director (Financial Technology) Ajay Kumar Choudhary said on Wednesday, that CBDC is a digital currency. However, it cannot be compared to private digital currency or cryptocurrencies, which have grown exponentially over the past decade.
Speaking at an event organized by industry body FICCI, he said, the country's official digital currency may be introduced in early 2023. It will be like a private company-operated electronic wallet currently available. It will get the support of the government.
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