Monday, the rupee slipped against Dollar Rs.0.43 and ended two-week low of Rs. 72.92. The rupee now plunged to a new record on Wednesday, crossing the 73 mark for the first time ever; the currency market opened 34 paise down at 73.25 against dollar.
Forex market m will get impacted due to crude oil price rising and will weigh on sentiments for the local unit. Forex Markets were closed on Tuesday on account of Gandhi Jayanti.
Domestic currency has been affected because of the strong demand of American currency from importers and uncontrollable outflow of capital.
The Reserve Bank of India (RBI) gave a statement on Monday that “36000 corore would be pumped into the markets in October, pledging to buy back government bonds as part of a bid to quell fears of a credit crunch cascading through the economy.”
Rupee vesus Dollar battle is not new, rupee has been battling with dollar since very long but could take over it and the result comes is the economy downfall, rise in price of every commodity and petroleum be the most effected one.Rajasthan Tourism App - Welcomes to the land of Sun, Sand and adventures