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Rupee showed strength today after continuous decline, reaching 77.19

Rupee showed strength today after continuous decline, reaching 77.19


Business

oi – Ankur Singh

,

Published: Wednesday, May 11, 2022, 10:27 [IST]

New Delhi, May 11. The way the rupee was depreciating against the dollar for the last few days, after that today the rupee has seen some strength. The rupee had touched its lowest level at 77.44. But now some strength has been seen in it. The rupee has now reached 77.19 per dollar. Today the rupee reached 77.3225, after which today it has strengthened a bit and has reached 77.20. According to the PTI report, the rupee gained 17 paise. The rupee had touched 77.17 against the dollar in early trade.

Rupee showed strength today after continuous decline, reaching 77.19

On Tuesday, there has been a big fall in the rupee. Traders say that the Reserve Bank of India intervened after the rupee went down on Monday. But there is still volatility in the market. There are signs of volatility in the market ahead of US inflation figures. It is believed that there may be some relief in the market next month. This year the US Federal Reserve has increased interest rates. It is believed that interest rates can be increased by 75 points in the month of June.

Rahul Kalantri, VP, Mehta Equities, said that we expect the rupee to remain volatile in the coming days. After the US data comes, the rupee may show strength at 77. Compared to other emerging markets, the capital market in India has seen more fall, due to which the rupee has suffered more, it has also affected the foreign exchange reserves of the country. India’s forex reserves have dipped below $600 billion for the first time. In such a situation, in the coming time, the Reserve Bank of India can take more stringent steps.

Story first published: Wednesday, May 11, 2022, 10:27 [IST]



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