The trend of weakness in the rupee continues. On Friday, the rupee crossed an all-time low and crossed Rs 82. The rupee is currently trading at 80.22 against the dollar with a fall of 33 paise. Due to this, the rupee had closed at the level of Rs 81.88 in the previous session. The rupee touched the level of Rs 81 for the first time on 23 September 2022 against the dollar. Before that on July 20, it had crossed the level of Rs 80. According to market experts, due to the strengthening of the dollar index, pressure on other currencies has increased.
Job data for September will be released in America today, and investors cautious
Job data for September is going to be released in America today. Before this, the investors there are looking cautious. During this, the dollar index rose one percent to reach the level of 112.26. The dollar index has gained 17 percent so far this year.
Rupee is weakening due to the uncertain environment in the global market
The rupee has depreciated 10.6% so far this year amid the ongoing uncertain environment in the global market, a strengthening dollar, and the Fed's decision to raise rates. Chicago Fed President Charles Evans said on Thursday that the Fed's policy rate is likely to rise to 4.5%-4.75% by the spring of 2023 as the Fed raises borrowing costs to bring down too-high inflation. Is. At the same time, Minneapolis Fed Chairman Neil Kashkari indicated that the Fed may not increase interest rates until the financial situation worsens from here.
Inflation will increase due to the weakening of the rupee
The depreciation of the rupee against the dollar will have a cascading effect on the economy. This will also affect the current account deficit (CAD) of the economy. Due to costly imports, the prices of goods purchased from abroad and imported into the country will increase. This will also affect the prices of petrol and diesel in the domestic market in the coming time. However, the weakening of the rupee can prove to be a good thing for the country's exporters, as they will get more rupees by converting the dollars they get for their products.
RBI sells dollars as rupee hits record low
According to traders, the Reserve Bank of India sold dollars through state-run banks on Friday after falling to a record low of Rs 82 against the dollar on concerns over the US Federal Reserve rate outlook. The rupee was trading at 82.2675, down from 81.88 in the previous session, but it remained at the day's lowest level at 82.33. According to traders, the rupee fell to 82.33 against the dollar within the first ten minutes of opening and remained range bound, possibly due to RBI's intervention.
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