The Indian rupee tumbled to a very nearly 11-month low in the midst of the US dollar fortifying no matter how you look at it, expecting a sure signal from the US Fed this week on likely higher interest rates and an increment in trade gap. Rupee remains the best performer among major emerging currencies, with the currency drop just 1.8%.
Rupee has lost as a result of trade gap, overseas strengthening of dollar and reversal of capital flows. Gold import is the inflated in several months. While all emerging market currencies were falling, RBI by buying the dollar, was supporting the rupee from recognize keen
If RBI would not have soak up the dollar, the rupee would have appreciated by Rs 4-5 with the kind of capital inflows that came in both equity and debt. The Indian currency opened at 62.40 hit an intraday high of 62.20. It fell 1.04% to close at intraday low of 62.94 against the US dollar. This is the low-lying level since January 28. It has closed at 62.29 on Friday.
The RBI was supporting the rupee from cherish sharply by buying the US dollar and improve its reserve so long. Foreign investors have turned sellers to the tune of $ 130 million in the Indian equity market over the last four trading sessions.
RBI sold dollar today to arrest rupee's sharp depreciation. Destitute trade numbers is likely to further dent the rupee that fall to an almost 11-month low.
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