Indian stock market and rupee both seem to be witnessing bad days and obviously not achche din, at least at the moment. India Rupeeâ€™s slide hasnâ€™t stopped and stock market is giving very tough time to investors.
After doing rather well for the past few days, Indian Rupee went down again against the US dollar as the market opened Monday. The rupee fell as much as seven paise to 63.59 against the US dollar in early trade Monday at the Interbank Foreign Exchange.
Experts are of the opinion that the current fall in Indian Rupeeâ€™s value is due to rise in the US dollarâ€™s value against other global currencies.
And this is what foreign exchange dealers are saying. As US dollar is strengthened against worldâ€™s major currencies, Indian Rupee always tumbles. Forex dealers attributed the rupee fall to the dollar’s strength on jump in US core inflation and demand for the American currency from importers. Besides, a lower opening in the domestic stock market weighed on the rupee.
Before the market closed this past Friday, the Indian rupee had gained 12 paise to end at 63.52 against the dollar on sustained selling of the American currency by banks and exporters. Meanwhile, the benchmark BSE Sensex fell 130.70 points, or 0.46 per cent, to 27,826.80 in early trade Monday.
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