Dollar vs rupee: The rupee has weakened by 34 paise to close at 88.44 today against the dollar. The rupee today appeared to go to a record low against the dollar in Intrade. The rupee also touched a record low of 88.46 in today’s session. The Reserve Bank of India has recently intervened to prevent the rupee fall. Market experts believe that RBI can sell dollars to reduce volatility. Weakness in the rupee has come on a day when Asian currencies have also declined. The US Federal Reserve is expected to cut interest rates next week. There has been a slight decline in the Asian currency on 11 September. South Korean von has fallen 0.32 percent, Japanese yen 0.30 percent, Singapore dollars 0.16 percent and Philippine Peso 0.13 percent.
Trump Tariff caused damage
The recent heavy tariffs by Trump have damaged India’s export prospects, which has weakened the front of the rupee. To support exporters and promote domestic consumption, Prime Minister Modi has recently cut GST. Both Trump and Modi hope that the issue of tariffs between India and America will be resolved further.
How can the rupee move next
Jatin Trivedi of LKP Securities It is said that the rupee fell 0.35% to be below 88.40 due to the mixed trends of foreign institutional investors and under the pressure of strong dollars who reached close to 97. US retail expensive (CPI) figures are monitored, which can cause dollar and rupee fluctuations. Crude oil prices continued to fluctuate, but it remains at the lower levels. This gave some support to the rupee. The update of the US-India Trade Agreement will be seen on the market sentiment. Currently, support for Rs 87.85-88.10 for rupee is visible and resistance at 88.55-88.70.
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