New Delhi: : Rupee has again declined to a record low against the US dollar. The rupee fallen last week against the US dollar and is currently close to 82.
The decline in the rupee (Rupee vs Dollar) against the dollar continues unabated. Rupee has broken its previous record and made a new record. Currently the ruppee has depreciated 8.9 per cent against the US dollar.
The rupee depreciated 16 paise to an all-time low of 82.33 against the US dollar in early trade on Friday as a firm American currency and risk-averse sentiment among investors weighed on the local unit. Moreover, a negative trend in domestic equities and elevated crude oil prices sapped investor appetite, forex traders said.
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The traders are also eying US payrolls report which is expected today. Depending on this, the US Federal Reserve’s stance on monetary policy could also be influenced. The rupee had closed at 81.88 in the previous session.
Government bond yields are expected to open higher on Monday, as concerns over debt supplies may resurface after weaker-than-expected demand at a debt auction on Friday. Bond prices and yields are inversely related.
The dollar index, which tracks the greenback versus a basket of six major peers, was little changed at 112.032 following a rally from a two-week low.
Oil prices rose on the back of a “deep” supply cut by the Organization of Petroleum
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Exporting Countries (Opec) and its allies, and are set for more volatility. Crude prices are headed for the biggest weekly gain since early of Russia’s invasion of Ukraine this year.
A weak rupee has driven dollar selling by the Reserve Bank of India to support the currency. But this has raised concerns over India’s dwindling foreign exchange reserves.
Last week, RBI also raised its repo rate last week in order to rein in the depreciation of the local currency against dollar.
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