This was mainly attributed to fresh selling by exporters as the government reduced oil prices.
After plunging to a life-time low and hovering near 74 against the dollar on Thursday, the rupee opened 6 paise down at 73.64 per dollar, ahead of the RBI’s monetary policy outcome. This was mainly attributed to fresh selling by exporters as the government reduced oil prices.
Further, investors believe that apart from fresh selling of the US dollar by exporters, the dollar’s weakness against some currencies overseas may have supported the rupee.
Meanwhile, the rupee has lost over 100 paise or 1.50% this week on the back of strong dollar demand from oil importers amid softening oil prices and foreign capital outflows. The US dollar has also strengthened after economic data suggested a thriving economy, which drove treasury yields to a 7yr high of 3.23%.
Now, all eyes are trained on RBI’s monetary policy outlook. Expectations indicate that the apex bank could raise interest rates by 25bps. This move could mainly be because of a depreciating rupee and surging crude prices. Further, market participants will also be looking at how the top bank tackles the liquidity issue.
Further, investors believe that apart from fresh selling of the US dollar by exporters, the dollar’s weakness against some currencies overseas may have supported the rupee.
Meanwhile, the rupee has lost over 100 paise or 1.50% this week on the back of strong dollar demand from oil importers amid softening oil prices and foreign capital outflows. The US dollar has also strengthened after economic data suggested a thriving economy, which drove treasury yields to a 7yr high of 3.23%.
Now, all eyes are trained on RBI’s monetary policy outlook. Expectations indicate that the apex bank could raise interest rates by 25bps. This move could mainly be because of a depreciating rupee and surging crude prices. Further, market participants will also be looking at how the top bank tackles the liquidity issue.
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