The rupee has seen a decline for the third consecutive day against the dollar.
Ever since US President Donald Trump has increased the charge of H1B Visa, the rupee has been seeing a third consecutive day in the dollar. On Tuesday too, the rupee closed with a fall of 45 paise. On Wednesday too, there is a decline of about 7 paise in early trade. The special thing is that due to the impact of this decision, where the rupee has reached its all time low level. At the same time, the rupee has seen a decline of 64 paise. Earlier, in the last time, the rupee had seen a boom on Friday. It seemed that the rupee would once again stand on his feet. But by increasing the visa fee, Trump has turned such water on India’s plans that there is a continuous decline in the rupee.
On the other hand, India’s stock market is also seeing a steady decline. Miller must see some relief in the market on Monday, but on Wednesday, there is a decline in the market once again. Apart from this, the rise in dollars, increase in crude oil prices and profits of foreign investors are also continuously contributing to damage to the rupee. Experts believe that the rupee will soon start appearing at the 90 level. Let us also tell you what kind of figures are being seen in the currency market.
Rupee declines
On Wednesday, the rupee fell 7 paise from its lifetime lower level to 88.80 per dollar in early trade. It declined due to tariffs and H-1B visa issues and frequent withdrawal of foreign capital. Foreign currency traders said that the rupee is hovering around its life time lower level as an increase in American tariffs on Indian goods and an increase in H-1B visa duty has affected investors’ perception. Apart from this, the risk-retirement of investors and uncertainty of business policy has also further increased the devaluation of the rupee.
Rupee at record lower level
The rupee opened at 88.80 in the Interbank Foreign Currency Exchange Market, which shows a fall of 7 paise in the previous closed price. In early trade, the rupee also reached 88.71 per dollar against the dollar. On Tuesday, the rupee fell 45 paise to close at the new all -time low of 88.73 against the US dollar. It touched an all -time low of 88.82 against the US dollar. The special thing is that in the current week, there has been a decline of 64 paise in the rupee against the dollar. The rupee closed at 88.16 level on the last trading day of last week.
These are also due to fall in rupee
- Meanwhile, the dollar index, depicting the strength of the dollar against six currencies, was trading at 97.35 by 0.09 percent.
- In the international market, Brent crude was trading at $ 67.79 per barrel in crude futures trading at $ 67.79 per barrel.
- In the domestic stock market, the Sensex fell 380.48 points to 81,721.62 in early trade, while the Nifty fell 106.45 points to 25,063.05.
- Meanwhile, according to exchanges data, foreign institutional investors sold shares worth Rs 3,551.19 crore on Tuesday.
Rupee can touch the level of 89
Anil Kumar Bhansali, Treasury Head and Executive Director of Finrex Treasury Advisors LLP, said that the H-1B visa fee has increased the overall issues that India and the US need to resolve. Bhansali further said that the RBI has allowed this weakness in view of the plight of exporters. He said that this week we can see the new low of 89.00, after which importers can see a decline to help buy dollars.