Rupee collapsed today in front of US dollar strengthening, learn how many eats in the currency ring

Rupee vs dollar: The Indian rupee weakened against the US dollar on Thursday and opened 11 paise to 87.36 per dollar in early trade. The main reason for this is the increasing demand for US dollar. However, the fall in foreign capital flow and crude oil prices limited a sharp decline in the rupee.

The rupee opened at 87.37 in the Interbank Forex Exchange Market and reached 87.36 per dollar, which was 11 paise weaker than the previous closed price. It closed at 87.25 per dollar on Thursday a day earlier. The dollar index, which explains the status of the dollar against six major currencies, rose 0.10 percent to 98.72.

Impact on stock market

Weakness was also seen in the Indian stock market. On the last trading day of the week, the Sensex fell 262.05 points to 81,738.66 points and the Nifty opened 81.55 points to 25,002.20 points. In the international market, Brent crude fell 0.18 percent to $ 67.55 per barrel. According to the stock market data, foreign institutional investors (FIIs) were purely buyers worth Rs 1,246.51 crore on Thursday.

Amit Pabri, managing director of CR Forex Advisors, says that everyone is eyeing the speech of US Federal Chief Jerome Powell to be held in Jackson Hole, in which a strategy about future dollars steps will be decided.

What do market experts say?

The statement of the currency market Geom Powell is being eagerly awaited, to indicate how much the interest rates are cut in September. Recently there have been signs of weakness in America’s job market. For this reason, everyone is eyeing the upcoming policy of Federal Reserve.

If the US Fed Chief Powell indicates that the interest rates may decrease, then the pressure on the dollar will increase and other currency and gold will be strengthened. On the other hand, if Powell makes it clear that inflation is still a matter of concern, then the fed interest rates can keep the rates high for a long time, which will strengthen the dollar.

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