Indian Currency Slips To Record Closing Low At 83.35 per US Dollar

Against the US Dollar, the Indian currency remained weaker despite the US currency fall in the dollar index on Monday, November 20, 2023. Reportedly, the Rupee registered a new closing low against the US Dollar, of 83.25 per dollar. The new closing low of the Rupee came following the fall of the US Dollar in the dollar index. The experts said that on behalf of oil companies and other importers, the banks purchased dollars. On Friday, the Rupee closed at 83.27 close to Monday’s close. In the following sections, you will read how Indian currency is trading against the US Dollar, which hit a record low of Rs 83.48 intraday against the US currency. Be sticky with this page for a while to get all the imperative details. Swipe down the page.

US dollar

The previous all-time closing low for the Indian currency was 83.34 per dollar which was recorded on November 10 the same day when the Rupee had reached a record low of Rs 83.48 intraday against the US Dollar. On Friday, the dollar index to measure the greenback’s strength against a basket of six leading currencies, fell from 104.16 to 103.57. As markets predicted that US interest rates might have peaked the dollar weakened, closely monitoring for signs of the US Federal Reserve easing monetary conditions. Shift to the next section and read more details.

The managing director at CR Forex, Amit Pabari said, “There was demand for the dollar from importers. The Reserve Bank of India was absent from the market on Monday.” The Indian currency is anticipated to trade intraday in the range of Rs 83.1 to Rs 83.45 per US Dollar this week. To note, the Indian currency depreciated by 0.1 percent against the US Dollar in November so far. Talking about the current financial year, the local currency has declined by 1.4 percent while in the calendar year, the currency has lowered by 0.7 percent. Continue reading this article and learn more.

The local currency was appreciated in the first six months of the calendar year 2023 by 0.16 percent due to excessive foreign inflows. Meanwhile, the yield on the benchmark 10-year government bond increased 4 bps and settled at 7.26 percent as mutual funds (MFs) sold bonds at a profit on Monday, November 20, 2023, i.e. yesterday. Executive vice-president and chief investment officer of debt at Sundaram Asset Management Company, Dwijendra Srivastava said, “There was some profit booking, and another thing is inflationary fears. Crude oil rose to almost $82 per barrel. Traders would have considered that”.