Rupee-Dollar News Update: Indian currency Rupee has closed at historical low level in today’s session. Crude oil prices have again risen above $90 per barrel and after the weakness in other Asian currencies against the dollar, there was also weakness in the Indian currency, after which the rupee fell against one dollar. The comparison has closed at Rs 83.27. Earlier on September 18, 2023, the rupee closed at the level of Rs 83.26, which was its record low.
According to the report of Reuters, due to the intervention of the Reserve Bank of India, the rupee I am not feeling very weak. RBI is selling dollars which has saved the domestic currency from falling. When RBI intervened during the spot trading session, he sold dollars during the day. At the end of trading in the currency market, when the rupee fell to the level of 83.28 against one dollar, public sector banks sold dollars on behalf of the RBI.
According to Anuj Gupta, Commodity and Currency Head at HDFC Securities, the Indian currency rupee may fall to the level of Rs 83.50 against the dollar. He said that last week the rupee remained strong due to dollar supply by the Central Bank. Rupee got support due to reduction in fiscal deficit and fall in inflation. He said that due to the rise in crude oil prices, there will be pressure on the rupee. According to Anuj Gupta, if the rupee breaks the level of 83.50, it can go up to the level of 83.80.
However, in today’s trade, after the ongoing war between Israel and Hamas and the rise in crude oil, the currency In the market, the rupee has closed at the level of 83.27 with a weakness of 3 paise against one dollar.
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