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Rupee hits record low against dollar, closes at 78.04

The Indian forex rupee on Monday crossed the Rs 78 degree towards the greenback for the primary time, its all-time low towards 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 International Monetary Providers mentioned in a notice, “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 needs to be no enchancment in the direction of it.”

Jigar Trivedi, Commodity Research Analyst, and Anand Rathi, 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 may decide on rates. is expected to increase and demonstrate more aggressive action.”

“However, runaway depreciation cannot happen amid central bank intervention,” Trivedi mentioned.

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