Dollar vs. Rupee: Domestic currency depreciates against the dollar, find out here – Five reasons for the rupee’s weakness
Dollar vs. Rupee: Following the rising corona scandal and the decision of the Reserve Bank of India (RBI), the movement of the domestic currency, the rupee (rupee), has weakened. In the last session, the biggest one-day decline in the domestic currency (rupee) was recorded since August. Experts say that again the price of the dollar could go up to more than 755 rupees. At the spot, the rupee stood at Rs 4.55 against the dollar, down 1.12 taka or 1.53 per cent against the US dollar over the past one week. Read more – Gold prices today, March 18, 2021: Gold prices have risen to Rs 60, silver has fallen, find out – at what price are you getting 10 grams of gold today
Anuj Gupta, vice-president (currency and energy research) of IIFL Securities, said the resurgence of corona outbreaks in the country has weakened restrictive measures like lockdowns in various cities. He said that the local currency can be seen trading between Rs 755 to Rs 5.50 per dollar. Read more – Mom didn’t pay Lamborghini, then this boy went out to buy a car for ড 3, then this funny thing happened
On the other hand, the fact that the RBI’s influence will continue to be more consistent with monetary policy indicates that it has also had an impact on the domestic currency. Following the results of the RBI’s monetary policy review meeting, the rupee has recorded its biggest one-day decline since August. The rupee has fallen four months against the dollar. Read more – Asked for the names of divorced children and asked for online begging and Rs 35 lakh mobilization
Ajay Kedia, director of Kedia Advisory, said the influx of foreign capital has slowed down due to the Corona riots as well as global factors.
These are the main causes of weakness in the domestic currency:
1. The economy is likely to slow down due to the prevalence of Covid-19.
2. In the U.S., 10-year bond yields increased and foreign capital declined as the dollar strengthened.
3. The central bank has announced to buy bonds worth Rs 1 lakh crore from the secondary market during the quarter under GSAP.
4. The growth of foreign institutional investors in the country’s capital market.
5. The impact of the rise in crude oil is due to the pressure on crude currencies due to the increasing demand for dollars for crude oil imports.