By Admin 
Dollar vs Rupee: The recent sharp fall in the Indian rupee has created new concerns. Despite long-running talks on a trade deal with the US and hopes of a free trade agreement with the European Union, the rupee fell to its all-time low on Thursday. However, on the same day it saw a sharp recovery and the rupee closed with a strength of 9 paise.
Amid softening of crude oil prices in the international market, the Indian rupee was seen recovering from its all-time low in early trade on Friday. It strengthened by 9 paise against the US dollar and reached the level of 91.90.
Rupee strengthened
According to forex traders, this rise in rupee was limited due to strong dollar and withdrawal of foreign institutional investors (FII). In the interbank foreign exchange market, the rupee opened at 91.89 and was seen trading at 91.90 after strengthening to 91.87 against the dollar in early trade.
In this way, the rupee registered an increase of 9 paise compared to its previous closing price. Earlier on Thursday, the rupee had closed at its lowest ever level of 91.99 against the dollar.
What do experts say?
According to Akshat Garg, Research and Product Chief of Choice Wealth, the continuous strengthening of the dollar, increase in US bond yields and withdrawal of foreign investors have put pressure on the currencies of emerging markets, and the Indian rupee is also no exception to this.
He further said that increased dollar demand from importers at the end of the month and precautionary hedging have further increased the pressure on the rupee. Although the Reserve Bank has sufficient resources to control excessive volatility, it is unlikely to aggressively defend any particular level unless disorderly market conditions develop.
stock market and global signals
Earlier on January 23 also, the rupee had slipped to its record low of 92 against the US dollar. Meanwhile, the dollar index, which reflects the dollar’s strength against six major currencies, stood at 96.48 with a rise of 0.36 percent.
Talking about the global oil market, a decline of 1.50 percent was recorded in Brent crude futures prices and it was seen trading at $ 69.62 per barrel.
Also read: Big fall in the prices of gold and silver, prices slipped to 8000-15000; What is the current price in your city?