Rupee (INR) Hits 5-Month Low Against US Dollar (USD) Today: 5 Things To Know

Rupee (INR) Hits 5-Month Low Against US Dollar (USD) Today: 5 Things To Know
The rupee (INR) today fell as much as 26 paise against the US dollar (USD) to a five-month low of 65.46. The rupee traded between 65.32 and 65.46 against the dollar in today’s session so far. At 12:23 pm, the rupee was trading at 65.45 against the dollar. In the previous session, the rupee had closed six paise higher at 65.20 against the US dollar. Indian rupee opened lower against US dollar due to widening trade deficit and news that US has added India to the currency watch list, forex advisory firm IFA Global said in a note. Weak domestic equity markets also hurt the rupee.
Here are five things to know about the rupee-dollar forex rate today:
  1. The US has included India in “the monitoring list” of its “major trading partners that merit close attention to their currency practices and macroeconomic policies”. The list is a part of the semi-annual report on “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States” prepared by the US Department of Treasury for the US Congress.
  2. The Bombay Stock Exchange (BSE) benchmark index Sensex shed as much as 293 points on Monday, while the Nifty declined 84 points amid weakness in PSU bank, energy and IT stocks. Foreign institutional investors (FIIs) had sold shares worth Rs. 399.59 crore on net basis on Friday, provisional data showed.
  3. India’s exports during March inched lower by 0.66 per cent to $29.11 billion from $29.30 billion worth of merchandise shipped out during the corresponding month last year, official data showed on Friday. Consequently, India’s merchandise trade deficit widened to $13.69 billion during last month as against $10.65 billion in the corresponding period the previous year.
  4. If the dollar-rupee pair convincingly crosses 65.45-65.50 levels, it could rise to up to 65.70 pair, IFA Global said. On the contrary side, the rupee has support can be seen near 65.15-65.20 levels, it added.
  5. In global markets, the dollar failed to hold its early gains on the yen and eased to 107.20, though that was still up on last week’s low around 106.62.The euro was steady at $1.2330, while the dollar index eased to 89.781.

Source by www.ndtv..