Rupee falls 1 paisa to all-time low of 84.40 against US dollar in early trade
rupee slipped 1 paisa to an all-time low of 84.40 against the US dollar in early trade on Thursday, weighed down by unabated foreign fund outflows and strong dollar demand from investors. Forex traders said the downward pressure on the USD/INR pair is largely driven by persistent inflation and significant foreign outflows.
At the interbank foreign exchange, the rupee opened at 84.40 against the greenback, registering a fall of 1 paisa over its previous close.
On Wednesday, the rupee moved in a narrow range and settled flat at 84.39 against the US dollar.
"… the Reserve Bank of India (RBI) has stepped up as the rupee's primary protector. The central bank has intervened by selling dollars to support the currency, though this has led to a dip in India's forex reserves, which now stand at USD 682 billion, down from a peak of USD 704 billion," CR Forex Advisors MD Amit Pabari said.
Pabari further added that «given the current landscape, the USD/INR is likely to trade within a range of 83.80 to 84.50, with a slight bias towards the lower end of this range.»
Stock Trading
Stock Valuation Made Easy
By — Rounak Gouti, Investment commentary writer, Experience in equity research
Stock Trading
Cryptocurrency Made Easy: Cryptocurrency Course
By — elearnmarkets, Financial Education by StockEdge
Stock Trading
Technical Trading Made Easy: Online Certification Course
By — Souradeep Dey, Equity and Commodity Trader, Trainer
Stock Trading
Complete Guide to Stock Market Trading: From Basics to Advanced
By — Harneet Singh Kharbanda, Full
