The rupee rebounded to 77.32 One Day After the New All-Time Weak One of 77.44 -by Ecork

Rupee took a day off after a low of 77.44

The Rupipe recouped some of its losses and ended Tuesday at 77.32 against the dollar, a day after slipping to its low of 77.44.

While the stock has had little to hit all of its previous highs, it is weaker than the 77.27 that opened on Tuesday. Bloomberg said the rupee traded last hand at 77.32 per dollar.

PTI reported, the rupee appreciated 12 paise to end at 77.32 (issuance) against the US dollar on Tuesday, offsetting its two-day loss, fueled by a renewal in local currencies and falling in crude oil prices.

However, weak home balances and foreign currency payments continue to restrict profits, forex traders said.

Earlier, the rupee dropped 54 paise to close at a low of 77.44 against the US dollar.

“The rupee took some of the lost ground after hitting a low of 77.53 on Monday. The return in risky assets and strong local currencies supported the rupee today.

Dilip Parmar, Research Analyst, HDFC Securities said that “Some stabilization of the risk after a few days of trading can help the local currency while also recovering crude oil prices and spending payments could have a negative impact.

The global stock index, crude brent, has dropped $ 2 to last trade at around $ 103.7 per barrel after sinking 6 per cent in the past as coronavirus locks in China, a major oil importer, are worrying about demand power.

However, concerns raised over high interest rates and inadequacies in global economic development make indifference in appreciation, they add.

Indeed, when the rupee reverses and recovers some of the losses, scales and larger commodities point further downward for the currency.

Recent turmoil has spread across global financial markets, with endless sales of risky assets – such as global equities and bitcoin – deepening, driven by higher interest rates and their impact on system development concerns. At the same time, the dollar held near 20 years.

Investors have avoided risk and sought safe assets, as evidenced by global balances in the Red Sea.

“The rupee has depreciated sharply in the area after falling sharply all the time yesterday. The huge strength of the dollar against its major crossings has caused the rupee to weaken,” Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services said.

“On the home front, the focus will be on the CPI number, and a higher number could take advantage of the price. From the US, market participants will be focusing on the CPI number that will be released tomorrow,” he added. full. .

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