By Admin 
Dollar vs rupee: The sequence of decline in the Indian rupee is not taking the name of stopping. The Indian rupee closed at 88.10 per dollar a day earlier against the dollar, which was the lowest level ever. After this, it has fallen by six paise on Tuesday. The rupee came to the level of 88.16 amidst withdrawal of foreign capital and US dollar demand.
The rupee opened at 88.14 as compared to the US dollar in the Interbank Foreign Currency Exchange Market. Then came to 88.16 per dollar, which shows a decline of six paise from the previous closed price. Meanwhile, the dollar index, depicting the US dollar status against six major currencies, rose by 0.08 percent to 97.84.
Why the rupee falls continuously?
Anuj Chaudhary, a research analyst (currency and commodity) of Mirae Asset Sharekhan, says that due to strengthening of domestic markets, the rupee on Monday recovered from the lowest level of its so far. Chaudhary said that the dollar could be weakened by the possibility of cutting interest rates in September by the US Federal Reserve.
This week, investors can be cautious before the non-agricultural payroll report comes from the US. The spot of dollar-rupay is estimated to be between 87.85 and 88.50.
Large impact of capital withdrawal
Anuj Chaudhary further said that amidst the trade tariff concerns on India on behalf of the US, the rupee estimated that the rupee will trade with a slight negative attitude. Capital withdrawal of foreign institutional investors (FIIs) and increase in crude oil prices can also cause pressure on the rupee.
On the other hand, the Sensex in domestic stock markets rose by 207.45 points to 80,571.94 points and the Nifty gained 60.8 points to 24,685.85 points. International standard Brent crude gained 0.44 percent to a price of $ 68.45 per barrel. According to the stock market data, foreign institutional investors (FIIs) were selling on Monday and purely sold shares worth Rs 1,429.71 crore.
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