The rupee is getting stronger after the weakness in the dollar last week. The weakening of the global benchmark dollar has proved positive for other currencies. On Monday, the rupee opened at a level of Rs 80.52 against the dollar. Earlier on Friday, it had closed at the level of 81.80. The rupee had weakened to new all-time lows over the past several weeks before rallying in November. In October, the rupee weakened against the dollar and reached the level of 83 for the first time in history.
The rupee has depreciated by 8-9 percent so far this year. According to Seshadri Sen, Head of Research, Asset Management Segment, Alchemy Capital Management, the rupee may remain weak and volatile for a few days, but he believes that the worst is almost over for the rupee. According to Sen, the rupee has taken a beating in the past due to strong selling by foreign institutional investors. Monetary policy tightening by the US Fed and the ongoing war between Russia and Ukraine also hurt the rupee. Due to this fight, the price of oil increased in the international market, the rupee also had to bear the brunt of this.
On the other hand, on Monday (November 14), the first trading day of the week, and Nifty were seen trading sluggishly at 61,762.64 and 18,362.75 points respectively. Investors\' eyes are set on India\'s retail inflation data to be released on Monday. Earlier in September, retail inflation had reached 7.41 percent. For the third consecutive quarter, it exceeded the target of 2-6 percent set by the government to the RBI. Explain that under the flexible inflation targeting framework introduced in 2016, if CPI-based inflation remains outside the range of 2 to 6 percent for three consecutive quarters, then the RBI is considered to have failed to manage inflation.
An out-of-turn meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India was held on November 3 due to its failure to contain inflation in the previous quarters. In this meeting, discussions were held regarding giving replies and reporting to the government for failing to control inflation. Explain that RBI has to answer to the Center if it fails to control inflation under the instructions of the government.
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