Currency check: The rupee has seen a great recovery from the lower level today. The rupee has improved about 60 paise from the lower level. The rupee has improved about 1.14 rupees since yesterday against the dollar. At the end of the trading, the rupee has strengthened 65 paise to close at Rs 86.83 per dollar. At the same time, on Monday, the rupee’s closing was done at the level of 87.48. Research analyst Anuj Chaudhary at Mirre Asset Sharekhan says that the Indian rupee has risen about 1 per cent today due to the intervention of the Reserve Bank of India, which is the biggest intraday lead of the last two years. The rupee reached the new record low on Monday. However, the strong dollar today stopped a sharp lead.
It is expected that the rupee will trade with negative trends amid weakness in domestic markets and continuous withdrawal of FIIs. Uncertainty on strong US dollars and US trade charges can also put pressure on the rupee. However, any further intervention by RBI can support the rupee at lower levels. Trader can take hints from inflation figures of America and India this week. The USDINR spot price is expected to trade within a radius of Rs 86.50 to Rs 87.20.
This huge intervention of RBI has been seen for the second consecutive day after the rupee reached the new lowest level against the dollar. The intervention is in accordance with RBI Governor Sanjay Malhotra’s comments during the February 8 policy review, in which he said that the declared objective of the RBI is to maintain arrangements and stability without creating any hindrance in the market.
Market Outlook: Fall in fifth consecutive trading session, know how the market can be on February 12
The rupee has been falling downward since the introduction of the new tariff schemes by US President Donald Trump. Now everyone’s eyes are on Prime Minister Narendra Modi’s visit to America. Trump is constantly attacking the issue of tariffs. Modi will live in America on 12 and 13 February. Before leaving for a visit to two countries, Modi said that the journey with Trump in his first term with Trump and furthering the successes of cooperation and flexibility in technology, trade, defense, energy and supply chains further enhance bilateral relations and deep There will be an opportunity to develop an agenda. Modi is on a two -day visit to France for the AI Summit.
Disclaimer: The ideas given on Moneycontrol.com have their own personal views. The website or management is not responsible for this. Money control advises users to seek the advice of certified experts before taking any investment decision.