3 weeks ago
Rupee slides 16 paise to 95.24 against US dollar
The story is about money — specifically, how much one Indian rupee is worth compared to a US dollar.
For a long time, people have used the US dollar as a measure for other currencies.
This week, the Indian rupee fell a little in value against the dollar.
It went from about 95.08 rupees per dollar to 95.24 rupees per dollar.
That means one dollar could buy a few more rupees than before.
The rupee lost value because the American dollar got slightly stronger, and foreign investors were taking money out of India.
But two things kept the rupee from falling too much: cheaper oil and hope for peace between the US and Iran.
Experts said that if oil prices stay low and the US and Iran make a deal, the rupee might bounce back a little.
So even though the change was small, traders are carefully watching these global signals.
The rupee depreciated 16 paise to close at 95.24 (provisional) against the US dollar.
The currency was pressured by a slight recovery in the US Dollar Index, modest gains in US Treasury yields, and foreign fund outflows.
Weak crude oil prices and hopes of a deal between the US and Iran prevented a sharper fall.
The rupee opened at 95.13 and traded in a range of 95.12-95.24 during the session.
Mirae Asset ShareKhan analyst Anuj Choudhary expects the rupee to trade with a slight positive bias on rising risk appetite amid US-Iran deal hopes.
- Who
- The Indian rupee and forex traders, including Anuj Choudhary of Mirae Asset ShareKhan.
- What
- The rupee depreciated 16 paise to close at 95.24 (provisional) against the US dollar.
- Where
- Mumbai, at the interbank foreign exchange market.
- When
- The latest trading session, following Wednesday's close at 95.08.
- Why
- A slight recovery in the US Dollar Index, modest gains in US Treasury yields, and foreign fund outflows pressured the rupee; lower crude oil prices and US-Iran deal hopes limited the decline.
Key facts
- Rupee close
- 95.24 per US dollar (provisional)
- Daily change
- Down 16 paise from previous close
- Previous close
- 95.08 (Wednesday, up 20 paise)
- Session open
- 95.13
- Session range
- 95.12-95.24
- Pressure factors
- US Dollar Index recovery, higher Treasury yields, foreign fund outflows
- Support factors
- Lower crude oil prices, US-Iran deal hopes
- Analyst comment
- Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan
Quotes
Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan
Research analyst at Mirae Asset ShareKhan
““Indian Rupee declined today on a slight bounce in the US Dollar index and modest gains in the US treasury yields.””
thehansindia.com







