If you feel that the most damage has been done in the stock market or gold market. There is another market, where India is suffering the most. Surprisingly, this market has been seeing tremendous destruction in this market for the last 6 days. This market is none other than the currency market. In the dollar, the rupee has seen a decline for the 6th consecutive day. Surprisingly, the rupee has crossed the level of 86.40. According to experts, there is a decline in the rupee due to the selling of foreign investors and the strength in Dolly.
On the other hand, delay in trade deal with America is also harming the rupee. According to experts, if there is no trade deal between the two countries before August 1, then the rupee may have to harm heavy destruction. Expert estimates that if there is no deal inside the deadline given by Trump, then the rupee can also cross the 87 level, which will be a problem for India. Let us also tell you that at which level the rupee has come in against the dollar.
Rupee declines for 6th consecutive day
The rupee weakened in the sixth consecutive trading session on Wednesday between strengthening US dollar and withdrawal of foreign capital and closed three paise to close at 86.41 (temporary) per dollar. Foreign currency traders reported that after the announcement of the US trade agreement with Japan, low prices of crude oil and heavy buying in domestic stock markets brought some support to the domestic currency. The rupee opened with a weak trend at 86.46 per dollar in the Interbank Foreign Currency Exchange Market. It reached a high level of 86.34 per dollar during the business. Finally it closed at 86.41 (temporary) per dollar, which is a decline of three paise in the previous closed price. The rupee closed at 86.38 against the US dollar on Tuesday.
Why the decline was limited
Research analyst Anuj Chaudhary of Mirae Asset Sharekhan said that the rupee weakened due to strengthening of the dollar and withdrawal of foreign capital. However, overnight decline in crude oil prices and positive attitude in domestic stock markets limited the fall. He said that the spot of dollar-rupa is expected to remain within the range of 85.60 to 86.30 rupees. Meanwhile, the dollar index, which showed a US dollar position against six major currencies, rose 0.04 percent to 97.16. In domestic stock markets, the Sensex gained 539.83 points to 82,726.64 points, while the Nifty closed at 25,219.90 with 159.00 points. International standard Brent crude fell by 0.52 percent to $ 68.23 per barrel.
If the deal is not done, more money will fall
Experts say that investors are waiting for the results of Indo-US trade talks before the August 1 deadline. If the discussion fails or delays it, then Indian exporters may face new pressure, which will increase the challenges of the rupee. India and US parties completed the fifth round of talks on the agreement in Washington last week. The US party will come to India in August for the next round of talks on the proposed bilateral trade agreement between the two countries. According to the stock market data, foreign institutional investors (FIIs) were selling on Tuesday and purely sold shares worth Rs 3,548.92 crore.