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We abide by the Editors’ Code of Practice and are committed to upholding the highest standards of journalism. Pound Sterling Live is a member of the Independent Press Standards Organisation (which regulates the UK’s magazine and newspaper industry). Any copying and reproduction of our content - verbatim or altered - will prompt a response from our legal representatives. Read all the Latest News, Breaking News and IPL 2022 Live Updates here.All Content © Pound Sterling Live 2021. We expect a broad range of 77 and 78.30 over the near term," Banerjee added. “Going forward, dollar-rupee can continue to drift upward at a slow pace. The sharp plunge in forward premium is an evidence of that. The RBI remains an aggressive sellers of US dollar in spot and forward markets. India Ratings said, “As this (the factors causing the rupee fall) is unlikely to reverse any time soon due to volatile commodity prices and persisting global supply disruptions caused by the Russia-Ukraine conflict, Ind-Ra believes the Indian rupee to depreciate by 4.9 per cent and average 78.19 per USD in FY23."Īnindya Banerjee, vice-president (currency derivatives & interest rate derivatives) at Kotak Securities, said Since the RBI policy on May 4, the rupee has flipped from being an outperformer to an underperformer. However, export-oriented sector stocks such as IT, pharmaceuticals, specialty chemicals and textiles can be better bets during the rupee fall as a weaker rupee can boost exports.Įxperts are expecting the Indian rupee to hit 78.19 per US dollar in FY23. The local currency had opened marginally higher at 82.33 against the. So, sectors such as fast-moving consumer goods (FMCG), metal and banking, among others, are at the receiving end. The Indian rupee ended at a fresh record low against the U.S. The fall in the rupee is making imports costlier and stoking inflation in the country, which is already out of the RBI’s comfort zone of 2-6 per cent. The dollar index, which measures the American currency’s strength against a basket of six currencies, currently stands higher at 102.86 while crude oil is trading at $111.59 per barrel. Mehta Equities Vice-President (Commodities) Rahul Kalantri said the rupee has been witnessing the fall on account of persistent foreign fund outflows, surging crude oil prices, and general dollar strength.įoreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 4,899.92 crore, as per stock exchange data. 'We expect the rupee to only trade marginally weaker in 2021, and have revised our average forecast to Rs 75. This, besides a higher import bill, has put sudden pressure on the Indian rupee and forex reserve," it added. The Indian rupee averaged Rs 74.10 to a US dollar in 2020. Till May 16, foreign portfolio investors had pulled out USD 21.2 billion from India. “As expected, the monetary tightening by the US Fed has triggered a portfolio investment outflow. The US Fed raised its policy rate by 25 basis points (bps) for the first time in March 2022 after a gap of more than three years and followed it with another 50 bps rate increase in May 2022. India Ratings and Research in its note said rising inflation in advanced economies has prompted global central banks to not only withdraw the ultra-loose monetary policy but also raise their policy rates even before the RBI’s policy action on May 4, 2022. The fall is also attributed to surging crude oil prices and general dollar strength. The Indian currency has been weakening as compared with the US dollar due to the outflow of foreign investments led by global uncertainties arising out of a geopolitical crisis on the Russia-Ukraine war and tight monetary policy by US Federal Reserve. Rupee Settles at 79.97 Against US Dollar Briefly Touches 80 Per USD Mark
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