Rupee weakens 17 paise lower at 83.21 against the USD

Hello friends, here we are sharing a piece of big news with you the Indian rupee finished 17 paise lower against the US dollar and this happened on Tuesday considered down by board strength in the greenback and higher for longer. The local currency finished at 83.21 a dollar as against the previous close of 83.04. Since the news has come on the internet it has gone viral on many social networking sites. Now many people are searching the news on the internet and now many people are very curious to know about the whole information about the news. Here we have more information about the news and we will share it with you in this article.

Rupee

The US dollar index increased to 107.21 during the day, its most heightened since November 2022 but gave up much of those gains to previous trade little changed at 107.05. The rupee concluded 15 paise higher on Friday at 83.04 a dollar. Indian financial markets have been closed on Monday for a public holiday. Meantime, Asian currencies were weaker, with the Thai baht’s 0.37% drop guiding the losses. Currently, this news has been making the rounds on the internet as many people are very curious to know about the complete information. Scroll down to the next page for more information about the news.

As per the report, The rupee is quite overstretched compared to Asian currencies, stated Arnob Biswas head of foreign exchange research at SMC Global Securities, referring to the local unit’s relative value per dollar reached to its Asian peers. The rupee can hit a record low soon if the 10-year US Treasury takes movements above 4.75% Biswas stated. The harvest has been hovering close to 16 year high of 4.70%. Sustained outflows of foreign funds also weighed on the local currency. You are on the right page for more information about the news, so please read the complete article.

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Sustained outflows of alien funds are also considered on the local currency. Crude oil prices dropped to a week low, limiting the fall in the rupee. Brent futures fell 0.28%  to $90.46 a barrel, while US West Texas Intermediate crude (WTI) declined 0.16% to $88.68 per barrel. On the domestic front, the Indian stock market insides finished lower on Tuesday, tracking weak global cues, as the investors’s risk appetite declined on the rise in the US dollar and Treasury products. Here we have more information about the news. Here we have more information about the news. Stay tuned to us for more updates.

Mark
Gurleen Kaur

I'm a science graduate from the Ahmadu Bello University, Nigeria. My passion for writing has brought me to into the field of content.