Rupee-Dollar Update: The rupee has closed at an all-time low against the dollar. In the currency market, the rupee closed at the level of 84.02 (provisional) against one dollar. This is the first time that the rupee has slipped below Rs 84 against one dollar. Due to poor global signals, investors kept away from risky assets, the domestic stock market witnessed a sharp decline on Wednesday, September 4, 2024, due to which this historic fall has been seen in the rupee.
PTI quoted sources as saying that, on one hand the dollar has weakened against other major currencies in the international markets, on the other hand there has been a big fall in the prices of crude oil as well, due to which the weakness in the rupee against the dollar is being seen less. Otherwise, a big fall in the rupee could have been seen. Brent crude oil has slipped below $ 73 per barrel and WTI crude oil has slipped below $ 70 per barrel.
On Wednesday, the rupee opened at 83.96 against the dollar in the interbank foreign exchange market and traded in the range of 83.95 to 84.01 throughout the day. But in the last hours of trading, the rupee fell sharply against the dollar and settled at 84.02, which is 4 paise weaker than the previous closing level of 83.98. But for the first time, the rupee has fallen below the level of 84 against the dollar. This pressure has been seen on the rupee due to weak domestic market and turmoil in the global market.
Reuters quoted a private bank trader as saying that it is now clear that the central bank RBI is trying to save the rupee from falling. He said that if the rupee goes below the level of 84, the bulls will become active, after which the rupee can fall to the level of 84.25 against one dollar. Last month also, RBI had intervened on several occasions to save the rupee from falling.
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