2 weeks ago

Rupee Falls 7 Paise to 95.40 Against US Dollar

Rupee Falls 7 Paise to 95.40 Against US Dollar
Rupee falls 7 paise to 95.40 against US dollar in early trade · thehindubusinessline.com

The value of one country's money compared to another country's money is called the exchange rate.

The Indian rupee is the money used in India, and the US dollar is the money used in the United States.

On Thursday, the rupee became a little less valuable, falling by 7 paise to 95.40 rupees for one US dollar.

That means you would now need 95 rupees and 40 paise to buy one US dollar.

One reason is that oil, which countries need to buy, has become expensive.

Another reason is that the United States and Iran are having a serious disagreement.

Iran said it might close the Strait of Hormuz, a very important sea route for oil ships, until 2029.

The US President said the United States controls that waterway.

When people worry about things like this, they often buy US dollars, which makes other money like the rupee worth less.

India's central bank, the RBI, has been helping the rupee stay close to 95.41–95.45, and Indian stock markets were also trading lower.

Key facts

Rupee open (Thursday)
95.40 per US dollar
Previous close (Wednesday)
95.33 per US dollar
Dollar index
100.01
Brent crude price
$87.89 per barrel (down 1.22%)
RBI support level
95.41–95.45
FII net selling (Wednesday)
₹1,002.50 crore
Sensex / Nifty
77,813.38 (-152.97) / 24,351.15 (-84.80)

Quotes

Anil Kumar Bhansali

Head of Treasury and Executive Director, Finrex Treasury Advisors LLP

“RBI has been continuously backing the rupee at 95.41-95.45 despite oil demand taking it lower.”
thehindubusinessline.com

Sources

Related news