Rs. The trend of decline continues. Today the rupee also broke the 85.80 mark against the dollar. According to dealers, RBI had tried to defend at 85.80 last week. Why was this important level broken today and what is happening in the currency market? Let’s take a look. The rupee has reached a record low against the dollar. Today the rupee has broken the important level of 85.80/$.
Due to fall in rupee
If we look at the reasons for the fall in rupee, weak global signals and strong dollar index are the main reasons for this. At the same time, the US 10-year yield has reached quite high. A decline is also being seen in Yuan. Also, the rising prices of crude are breaking the back of the rupee. On the other hand, heavy selling is being seen by FPIs due to which the pressure on the rupee is continuously increasing.
Rupee fell on the lines of Renminbi
The Chinese Yuan Renminbi has fallen to 7.328/$. For the first time since 2007, it slipped to 7.30/$ on Friday. Last Friday the offshore yuan slipped from 7.32/$ to 7.36/$. Last week RBI saved `85.80/$. But today the Indian rupee has slipped below 85.80/$. The pressure of dollar buying from FPIs is visible on the Indian rupee.
How was the closing of Rupee?
The rupee closed at a record low against the dollar today. The rupee closed at a record low of 85.83 against the dollar.
Stock Market Highlights: Sensex fell by 1258 points, Nifty closed below 23620, all sectors remained in red.