The rupee continues to depreciate against the dollar. On Wednesday, it weakened by 18 paise to reach an all-time low of 79.03. With a slight weakness, it went open at 78.86 to 79.05. On Tuesday, it had closed at an all-time low of 78.85, weakening by 48 paise.
The rupee has depreciated by 1.97 percent against the dollar this month and 6.39 percent so far this year. The main reason for the depreciation of the rupee is a capital outflow of foreign investors from the domestic market and a rise in crude oil prices.
Importers will suffer losses, exporters will benefit
Importers will be hurt by the fall in the rupee, while exporters will benefit. On importing any item, we have to pay more rupees in dollars. Traders will get more rupees in terms of the dollar in exports.
pressure will continue
Dilip Parmar of HDFC Securities said raising interest rates by central banks across the world and higher demand for dollars put pressure on the rupee in the April-June quarter. This decline may continue even further and the rupee may cross 79.10.
Analysts say the RBI may need to change the way it handles the rupee's fall, as its approach so far has only accelerated the rupee's fall.
The rupee can go up to 81 against the dollar
Radhika Rao, senior economist at DBS said that the RBI has foreign exchange reserves of $590 billion. Hence he can stop the weakness of the rupee. But he can't do it aggressively. We believe that the rupee can go up to 81 against the dollar.
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