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Rupee Vs Dollar: Rupee fell 12 paise to 79.25 against US dollar in early trade

Rupee Vs Dollar: The rupee fell by 12 paise to 79.25 against the US dollar in early trade on Friday due to the strengthening of the US currency and continuous outflow of foreign funds. The rupee had closed at 79.13 against the US dollar yesterday.

What were the opening levels of Rs.
In the Interbank Foreign Currency Exchange market, the rupee opened at 79.20 against the US dollar, and then declined to 79.25, showing a decline of 12 paise against the previous closing price.

Dollar Index, Crude and FII Data
Meanwhile, the dollar index, which shows the position of the US dollar against the six major currencies, was down 0.05 per cent at 107.07. Global oil benchmark Brent crude futures rose 0.17 per cent to $104.83 per barrel. According to provisional data of the stock market, foreign institutional investors sold shares worth a net Rs 925.22 crore yesterday.

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what the experts say
Gaurang Somaiya, Forex and Bullion Analyst, Motilal Oswal Financial Services, said, “The rupee opened with a flat trend, but started coming under pressure despite the measures announced by the Reserve Bank.”

Why is there pressure on the rupee
Forex traders said the details of the US Federal Reserve’s meeting held last month, which were released on Wednesday, indicated an aggressive stance and the possibility of a 0.75 percent increase in interest rates in July. Due to this effect, it is being feared that the rupee will fall further.

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