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Dollar-Rupee: The fall in the rupee against the dollar is not taking its name to stop. Rupee has closed with a historic fall against the dollar in Thursday’s currency market. The rupee has fallen by 32 paise to close at its all-time low of 81.94 against the US dollar due to increased demand for the dollar after the strengthening of crude oil prices.
The rupee had opened at the level of 81.52 in the morning trade. But the rupee was under pressure due to volatility in crude oil prices. During trading, the rupee also saw a high of 81.51 and a low of 81.94. At the close of the currency market, the rupee closed at an all-time low of Rs 81.94 per dollar. In this way, a huge fall of 32 paise was recorded in the rupee as compared to the previous trading day. On Tuesday, the rupee had closed at 81.62 per dollar.
Gaurang Somaiya, Forex and Bullion Analyst, Motilal Oswal Financial Services, said that the rupee had seen some strength on Tuesday but today it again came under pressure. The rupee saw a fall due to the strengthening of the US dollar. In fact, better-than-expected data on services PMI and private jobs in the US strengthened the dollar. Somaiya said that the euro and the pound also saw selling pressure at higher levels against the dollar. He said that eyes will now be on the details of the meeting of the European Central Bank (ECB). Somaiya said that the spot price of rupee against the US dollar is expected to remain in the range of 81.20 to 82.05.
However, India is facing dual challenges. On the one hand, the prices of crude oil are being seen increasing due to which more dollars will have to be spent to import crude oil, then the weakness in the rupee is working to increase the trouble. Because more dollars will have to be spent for imports. Crude oil had come down to $ 90 per barrel in the past, which is again trading at the level of $ 93.30 per barrel.
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