Indian Rupee

The Indian rupee has depreciated for the second consecutive week against the dollar.
The British news agency Reuters, citing Indian businessmen, said that the main reason for the situation is the demand for receipts in dollars from oil and other exporters.
The Indian rupee fell to 82.87 from 82.76 against the dollar on Friday, bringing the week’s decline to 0.7%.

According to experts, if there is no regular supply of dollars from public sector banks, the rupee may fall further.
The rupee depreciated on all days this week except Wednesday due to lower-than-expected inflation readings in the US.
Indian Finance Advisor Anil Bhansali says that the rupee’s trading range remained low today due to continued demand for dollars for oil-related purchases and public sector offers (dollars and rupees).
This week, the Indian currency was weighed down by rate hikes by the US Federal Reserve and the European Central Bank.
Both had hiked rates by 50 basis points, fueling concerns, and Indian shares have since seen a decline.
Traders said the rupee’s forward premium has increased this week and the rise was accelerated last week when the Reserve Bank of India swapped it for buying and selling.
The US dollar has appreciated by 16 bps against the rupee over the course of a year and this week’s rate is two per cent.

By Admin