Suspense Crime Sach Ka Dam
The Indian rupee came under pressure against the US dollar on Friday. The rupee fell by five paise to its new all-time low of 84.37 (provisional) against the US dollar on October 8 at the Interbank Foreign Exchange market. Forex traders said that the recent decision of the US Federal Reserve to cut interest rates indicates a change in the global financial scenario. Also, Donald Trump’s tax and trade policies may affect the global market, which may again lead to instability in the rupee.
touched a low of 84.38
According to the news, the rupee opened at 84.32 per dollar in the interbank foreign exchange market. During the trading, it remained between the high level of 84.31 and the low level of 84.38 and finally closed at 84.37 per dollar (provisional) with a decline of five paisa. On Thursday, the rupee closed at an all-time low of 84.32 per dollar with a decline of one paisa against the US dollar.
What the experts say
Anuj Chaudhary, research analyst at Sharekhan by BNP Paribas, said that the rupee fell to a record low due to selling in the domestic markets and continuous withdrawal of foreign funds. Apart from this, the rise in crude oil prices also put pressure on the rupee. He said that there is a fear that the rupee will trade with a negative trend due to the overall strength of the dollar and weak domestic markets. FII withdrawal can also put pressure on the rupee. However, any kind of intervention from the Reserve Bank can support the rupee at lower levels.
fed reserve rate cut
The dollar eased after the US Federal Reserve cut interest rates by 0.25 per cent, in line with market expectations. Federal Reserve chief Jerome Powell said the US economy is strong and some downside risks have diminished. In its latest monetary policy announcement, the US Federal Reserve cut its benchmark rate by 0.25 per cent to a target range of 4.5 per cent to 4.75 per cent. The local currency has weakened 28 paise against the dollar in the last three sessions.
