Russian oil on India is constantly selling in the open market. On which US President Donald Trump is constantly targeting. On Monday too, Donald Trump made serious allegations against India. He said that India is earning profits by purchasing Russian oil and selling it in the open market at arbitrary prices. Buying Russian oil means fuel to the Russian war machine. Due to which innocent people are constantly being killed in Ukraine. Which India does not care. Now he will impose more than 25 percent tariffs on India. After this statement, the trade tension between the US and India has got more edge.
Due to which the rupee has crossed the level of 88 for the first time against the dollar. Experts believe that Trump’s threat has not yet taken any tangible form. But its effect on the rupee can be seen more in the coming days. If the situation remains the same in the coming days, the rupee can cross the 90 level in the dollar match. Let us also tell you what kind of money figures are being seen in the currency market in the current time.
Rupee crosses 88 for the first time
According to Investing.com data, the rupee has gone beyond 88 level for the first time against the dollar. This has happened due to increasing trade tension of India with America. Whose air himself has been given by the statement of Donald Trump, which has been said that he will put more tariffs on India. Trump has said this by India to constantly buy Russian oil and sell it in the open market. According to Investing.com, the rupee is trading at 87.782 levels at 87.782 at 11.30 am.
Whereas during the business session, the rupee saw a decline of 42 paise against the dollar and the figure has reached 88.102 level. However, during the business session, the rupee is doing business in terms of recovery. But the increasing tall between the two countries can make the rupee more weak. Experts believe that the rupee has made a level of 88. Soon you can break the level of Rs 90 level. According to the data of Investing.com, in the last one month, the rupee has seen a decline of 2.73 percent in the dollar.
Important reasons for falling rupee
- The dollar index, which measures the dollar strength against a group of six currencies, rose 0.04 per cent to 98.81. Bhansali said that given the uncertainty of American policy-making and eventually the weakening economy, the dollar can now go towards a widespread decline.
- Meanwhile, investors remain cautious before RBI’s monetary policy decision this week. The interest rate assessment committee headed by RBI Governor Sanjay Malhotra on Monday launched a three-day discussion to decide on the next bivalent monetary policy. The six -member monetary policy committee (MPC) will announce the next bilateral policy rate on Wednesday (August 6).
- In the domestic stock market, the Sensex fell 200.40 points or 0.25 percent to 80,818.32, while the Nifty fell 58.90 points or 0.24 percent to close at 24,663.80.
- According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 2,566.51 crore on a pure basis on Monday.
Was 25 percent tariff imposed
Last week, Trump made a scathing attack on the close ties between India and Russia and said that the two countries together can bring their “dead economies” back on track. After this comment, New Delhi said that India is the fastest growing major economy in the world. Trump had earlier announced a 25 percent tariff on import of Indian goods, as well as an uninterrupted “fine” for purchasing Russian military equipment and “most” parts of crude oil. Meanwhile, after OPEC+ agreed to another major increase in production in September, Brent crude prices fell 0.28 per cent to $ 68.57 per barrel in futures trading. After the decrease in fuel demand in US data, the concerns of additional supply increased.