Diabytes
Rupee value News
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The falling of the Indian rupee against the US dollar has become an issue of concern
Zee News' Rohit Ranjan makes an analysis of the state of the Indian rupee
The rupee is falling due to many reasons including inflation
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This was the Indian currency's single biggest session fall against the greenback in nearly six years, the level last seen in September 2013.
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Weak domestic equity market and unabated foreign fund outflows also weighed on the Indian currency.
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Forex dealers said, selling of the American currency by exporters, fresh foreign fund inflows and easing crude oil prices supported the rupee.
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Forex dealers said, the local currency gained strength ahead of the Reserve Bank of India's monetary policy meet. The Monetary Policy Committee (MPC), which decides on key interest rates, will hold a meeting on June 3, 4 and 6.
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Forex traders said the strengthening of the greenback vis-a-vis other currencies overseas and weak opening in domestic equities added pressure to the local unit.
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The partially convertible rupee was trading at 68.65/66 per dollar after touching 68.62, its strongest level since August 9.
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In its previous session Friday, the rupee edged 14 paise lower to close at 70.14. On a weekly basis, however, the domestic currency logged 78 paise gains.
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On a weekly basis, however, the domestic currency logged 78 paise gains.
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The rupee Friday weakened by 10 paise to close at 71.17 against the US dollar.
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During the week the domestic unit registered a loss of 27 paise.
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The rupee Wednesday plunged by 19 paise to close at 71.24 against the US dollar.
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The rupee is at its lowest since December 18, 2018.
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The rupee appreciated 34 paise to 69.86 against the US dollar in opening trade Friday amid weakening American currency and positive opening of the domestic equity market.
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On Tuesday, the rupee had appreciated 34 paise to 69.43 against the American currency.
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The domestic unit has rallied by a hefty 92 paise in the last three trading sessions.
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Crude oil prices remained below the USD 55 per barrel mark, strengthening the rupee sentiment, a forex dealer said.
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Besides, the dollar's weakness against some currencies overseas ahead of US Federal Reserve's policy meet outcome later in the day also supported the rupee.
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Forex reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018. Since then, the forex kitty has been on a slide and is now down by over USD 31 billion.
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Yesterday, Rupee breached 73 mark against the dollar for the first time ever.
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