Rupee vs Dollar: Rupee Weighs Heavily On US Dollar In Early Trade
Rupee vs dollar: Rupee weighs heavily on the US dollar in early trade, strengthened by 9 paise to reach 79.81.
The rupee rose by nine paise to 79.81 against the US dollar in early trade on Monday due to the fall in crude oil prices. The rupee opened at 79.86 against the US dollar at the Interbank Foreign Exchange.
In early trade, the rupee recorded a high of 79.81 and a low of 79.87 against the US Dollar. The rupee had closed at 79.90 against the US currency in the previous session.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.10 percent to 106.62.
Global oil benchmark Brent crude futures fell 0.54 percent to $102.62 per barrel.
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Rupee vs dollar: Rupee weighs heavily on the US dollar. What will the condition of the rupee be today?
According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the rupee opened on a firm footing today due to weak demand for the dollar and falling oil.
However, the euro has not been able to move higher as we await signals for the Federal Open Market Committee (FOMC) meeting to be held on 27 July.
It is expected that the rupee can remain in the range of 79.60 to 79.90 against the dollar in intraday trading today.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Friday. According to exchange data, he sold shares worth Rs 675.45 crore.
RBI is taking these measures to stop the fall.
RBI Governor Shaktikanta Das has said that the Indian rupee is holding well against advanced and emerging markets. RBI is supplying US Dollars to ensure an adequate supply of liquidity in the market.
RBI is adopting a zero-tolerance policy for any significant fluctuations in the rupee. The Reserve Bank of India has not fixed any specific level of Rupee.
But keeping in view the volatility in the market, RBI is supplying the dollar as and when it feels a shortfall.
