By Admin 
Rupee vs Dollar: The phase of weakness of the Indian rupee does not seem to be stopping at the moment. Amid continuous withdrawal of foreign capital and uncertainty in the market, the rupee fell by 15 paise to 89.90 against the US dollar in early trade on Wednesday.
In the interbank foreign exchange market, the rupee opened at 89.89 and within a short time it fell to 89.90 per dollar. Earlier on Tuesday, the rupee had closed at 89.75. According to foreign exchange traders, selling of Indian shares by foreign portfolio investors (FPIs) is continuing, which is having a direct impact on the rupee.
Impact of dollar and stock market
During this period, the dollar showed strength against six major currencies and the dollar index increased by 0.04 percent to reach 98.27. However, a slight rise was seen in the domestic stock market. Sensex rose 188 points to 84,863 in early trade, while Nifty was seen trading at 26,009 with a gain of 80 points.
What do experts say
According to Anil Kumar Bhansali, Executive Director, Finrex Treasury Advisors,
- There is pressure on the rupee in the morning
- Later it gained some strength due to dollar selling by RBI.
- In recent days the rupee has remained in the range of 89.50 to 90.
- RBI currently seems to be trying to save the level of 90.
other factors
- Brent crude fell 0.08 percent to $ 61.30 per barrel.
- FIIs sold shares worth Rs 3,844 crore on Tuesday
There is pressure on the rupee due to selling by foreign investors, strengthening of the dollar and global uncertainty. However, RBI’s activism is currently playing an important role in preventing a major decline. The direction of the rupee in the coming days will largely depend on foreign capital inflows and global cues.
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