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Rupee Vs Dollar: Today there is a slight weakness in the rupee, it opened only after crossing 80 rupees per dollar.

Rupee Vs Dollar: Today the Indian rupee is looking sluggish and has opened with a slight decline compared to yesterday. Today the rupee has opened with a fall of 3 paise at 80.02 against the dollar and yesterday it has closed at the level of 79.99. The rupee had gone down to the level of 80.05 per dollar at the time of opening trade. At the same time, it had touched the level of up to Rs 79.99 in the above level.

Why is the period of falling rupee not stopping?
The reason for the decline is high dollar demand for imports and high crude oil prices. Apart from this, forex traders said dollar demand from oil importers, firming crude oil prices and concerns over widening trade deficit weighed on investor sentiment. In the interbank foreign exchange market, the rupee remained above 80 per dollar for most of the time against the US currency on Tuesday. Traders said heavy dollar demand from oil importers, firming crude oil prices as well as concerns of widening trade deficit weighed on investor sentiments, which were the main reasons for the fall.

what the experts say
LKP Securities Of Research Analyst Jatin Trivedi Said that Brent crude has once again gone above $ 105 due to the overall increase in crude oil in the last few days. At the same time, due to the lack of intervention of the Reserve Bank, the rupee is hovering around 80.00 per dollar. Going forward, the rupee is likely to remain in the range of 79.75-80.25. Whereas on the international payments front, the rupee has remained broadly depreciating even after measures such as the Reserve Bank’s measures or an increase in import duty on commodity products.

Motilal Oswal Financial Services of foreign exchange and Bullion Analyst Gaurang Somaiya Said that the rupee is staying in a limited range. Right now all eyes will be on the Federal Open Market Committee (FOMC) next week. The euro has strengthened and its impact is also being seen amid the discussion of a higher rate hike by the European Central Bank (ECB).

Know the statistics of Dollar Index, FII and Forex Reserves
The dollar index, which measures the strength of the dollar against the world’s six major currencies, declined 0.11 per cent to 106.56 points. According to stock market data, foreign institutional investors were net buyers in the capital market. He bought shares worth Rs 976.40 crore on Tuesday. India’s foreign exchange reserves fell by $ 27.05 billion to $ 580.25 billion as compared to March 2022.

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