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Rupee Opening: The trend of weakness in the rupee continues, falling 12 paise to 79.06 in the opening trade.

Rupee Opening: The rupee fell by 12 paise to 79.06 against the US dollar in early trade amid signs of another hike in interest rates by the US central bank Federal Reserve this month. The rupee had closed at 78.94 against the US dollar on Wednesday.

Know how was the initial trade in Rupee
In the Interbank Foreign Currency Exchange market, the rupee opened at 79.05 against the US dollar, and then declined to 79.06, showing a decline of 12 paise against the previous closing price.

Tomorrow the Reserve Bank has taken this decision
Forex traders say that the steps taken by the Reserve Bank of India (RBI) on Wednesday limited the fall in the rupee. The Reserve Bank of India (RBI) on Wednesday doubled the external borrowing limit under the ECB (commercial borrowings from abroad) route along with liberalizing norms relating to foreign exchange inflows to arrest the depreciation of the rupee against the US dollar.

Dollar Index – Crude, FII’s condition
Meanwhile, the dollar index, showing the position of the US dollar against six major currencies, was up 0.21 percent at 106.87. International oil benchmark Brent crude futures rose 0.78 per cent to $101.48 per barrel. According to provisional data of the stock market, foreign institutional investors sold shares worth a net Rs 330.13 crore on Wednesday.

what the experts say
Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, said, “A positive trend in domestic equity markets and fall in crude oil prices supported the rupee. Apart from this, buying by foreign institutional investors has also supported the rupee. According to U.S. dollar, firming dollar and weakening global investment risk sentiment have strengthened investor sentiment, he said. If crude oil remains below the $100 level, it will give strong support to the rupee at lower levels.”

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