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Mumbai: Dollar weakness put pressure on the rupee last week, ending the year-to-date gains against the dollar. The impasse over raising the debt ceiling in the United States and concerns about rising interest rates have created a shortage of the dollar. The two percent improvement in the rupee against the dollar in 2023 has been washed away. Last week, the intraday dollar had climbed up to Rs 82.80, but after the intervention of the Reserve Bank, the rupee recovered slightly and fell to Rs 82.66.
A trader in the forex market said that the dollar deficit in the financial system has been partially removed due to the intervention of the Reserve Bank.
The US Congress is currently negotiating to raise the debt ceiling, but if these talks fail, the US treasury will run out of money. An analyst said the rupee will stabilize or improve again after the deadlock over raising the debt limit is resolved.
At the end of last week, the Reserve Bank is estimated to have sold one billion dollars.
The country’s foreign exchange reserves rose by $3.55 billion to $599.52 billion in the week ended May 12. Foreign exchange reserves increased for the third consecutive week. This is the highest level of foreign exchange reserves since the beginning of June.
According to the Reserve Bank of India data, the country’s total foreign exchange reserves increased by $ 7.19 billion to $ 595.97 billion last week. It is noteworthy that in October 2021, the country’s foreign exchange reserves had reached an all-time high of $ 645 billion.
The rupee depreciated 0.4 per cent in the week ended May 12 due to a broad-based strength in the dollar index. The rupee traded in the range of 81.69 to 82.2250. The rupee depreciated further by 0.6 per cent this week, touching a two-month low. The rupee closed at 82.66 against the dollar on Friday. The value of gold reserves increased by $3.8 million to $46.353 billion in the week under review.
