Rupee hits file low in opposition to US greenback
The Indian forex rupee on Monday crossed the Rs 78 stage in opposition to the greenback for the primary time, its all-time low in opposition to the US greenback. The rupee closed at Rs 78.04 per US greenback in Monday’s commerce after falling by Rs 78.29 in intra-day offers. Emkay World Monetary Companies stated in a word, “There is no new trigger to predict whether the rupee will be 79 or 80 on the spot, 77 or 77.50 unless there is a conflict between the US and China regarding Taiwan.” There must be no enchancment in direction of it.”
Jigar Trivedi, Research Analyst, Commodity and Anand Rathi Shares, Currency Fundamentals and Stock Brokers, said, “The rupee may see further weakness ahead of the US Monetary Policy Review meeting beginning later this week, where the US Fed is expected to take a stand. We are expected to hike rates and demonstrate more aggressive action.” “However, runaway depreciation cannot happen amid central bank intervention,” Trivedi stated.
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