Rupee Quote : The Indian rupee has slumped to a new record low of 79.37 mark By Ms. Sugandha Sachdeva, Religare Broking
Quote on Rupee 05 July 2022 By Ms. Sugandha Sachdeva, VP- Commodity & Currency Research, Religare Broking Ltd
The Indian rupee has slumped to a new record low of 79.37 mark against the dollar, depreciating by around 0.50% on the back of a rise in the dollar index towards a new twenty-decade peak. Besides, heavy portfolio outflows, soaring crude oil prices, and a rising interest rate regime of the major central banks have been the key catalysts behind this recent bout of weakness in the rupee-dollar exchange rate. On the domestic front, India’s trade deficit has swelled to a record high of $25.63bln in June amid high commodity prices, leading to a rise in the import bills. Besides, the current account deficit is expected to widen to around 2.9% of GDP in FY23 as against 1.2% in FY22, which is weighing on the domestic currency. Moving ahead, we foresee the Indian rupee heading lower towards the 80-81 zone against the dollar, though the RBI is expected to proactively intervene in the markets to curb the pace of decline in the domestic currency.
Above views are of the author and not of the website kindly read disclaimer
Tag News
EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory