The Indian rupee lost two paise against the US dollar and closed at a (temporary) low level of 82.97 on Wednesday, September 13, 2023, due to the impact of rising crude oil prices and high sales in foreign markets.
Forex investors said that the rupee market may see a negative trend due to the risk to the global economy.
The rupee opened at 82.89 against the US dollar in the foreign exchange market and rose from 83.05 to 83.13 in daily trade.
Check today’s price here.
The rupee finally closed (provisionally) at 83.12 against the US dollar, down two paise from the previous close.
The exchange rate of the rupee against the US dollar on Friday was pulled down due to a decline in domestic and foreign investments.
The Indian rupee lost value due to increased crude oil prices and was sold at a high rate by foreign investors.
However, BNP Paribas Sharekhan analyst Anuj Choudhary said the currency is weak, and the domestic economy is slowing down.
The dollar fell after China’s central bank cut its key interest rate by ten basis points to 3.45% to stimulate the economy, increasing business risks.
Anuj added, “We expect the rupee market to be negative due to the rise in global oil prices and the overall strengthening of the US Dollar due to the hawkish stance of the Fed.”
However, the domestic economy is positive, and there is an impact where the RBI can support the decline of the rupee.
USD/INR Spot Price should be as follows:
Fluctuates between Rs 82.80 and Rs 83.50, “Mr. Choudhary added. Most investors will take cues from the BRICS meeting and the Jackson Hole symposium traders.” Meanwhile, the US dollar measures its strength against a pack of six currencies.
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