US Dollar demanding the markets

Leading currency US dollar getting more demand from banks globally from banks and importers, strengthening of the greenback against major currencies overseas weighed on the domestic unit, “Higher crude prices and rising US dollar index both are weighing on the Indian rupee. The ICE Dollar Index has resumed its upward journey. The Reserve Bank of India for the first time in 9 months bought US dollar on the spot market in December signalling that the worst may be behind for the Rupee which has turned from its worst levels. The central bank bought about $600 million in December, the first since March 2018, RBI data shows. Overseas investors resumed purchases of domestic assets on expectations the drastic fall in crude prices will boost corporate profits and reduce concerns over a runaway current account deficit, or the excess of overseas expenditure over revenue, according to Treasury officials at various banks.

  • The Indian rupee appreciated this week by 80 paisa gain compared with the previous week close.
  • Last week Indian rupee closed at ₹70.01 with a loss of 65 paisa.
  • This week on Friday rupee closed at ₹69.22 with gain of 25 paisa on Friday.
  • Highest gain 56 paisa on Tuesday and no falls in the week.

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News & Article

Financial Advisory Services at Your Door Step.

If your occcupied don't have time to plan your financial investment we are here to guide.