"The Indian Rupee depreciated against the dollar on Monday after robust US jobs data reinforced speculation that the Fed will continue its aggressive monetary policy stance to curb inflation. On a real effective exchange rate (REER) basis, the currency stood at 104.90 as of May, which indicates it is still overvalued since an index reading of over 100 indicates overvaluation. The pair is having resistance around 80 while on the downside at 78.85 will act as support, he added. The Fed is way behind the inflation curve and will have to aggressively hike much beyond what it has budgeted. Spot USD-INR is expected to trade higher in the coming days and could head towards an all-time high. "However, the direction remained down for the rupee even after stronger domestic equities and lower crude oil prices, mainly because of high dollar demand," said Dilip Parmar, research analyst, HDFC Securities. "After the past few days' high volatility, it has been lacklustre trade ahead of Tuesday's holiday. "The rupee started the new week on the weaker side after impressive US July jobs figures on Friday augured well for the dollar. On the domestic equity market front, the BSE Sensex ended 465.14 points or 0.80 per cent higher at 58,853.07, while the broader NSE Nifty advanced 127.60 points or 0.73 per cent to 17,525.10.įoreign institutional investors remained net buyers in the capital market on Monday as they purchased shares worth Rs 1,449.70 crore, as per exchange data. Answer (1 of 61): We need to apply two conversion factors to convert one crore Rupees into US Dollars - we need to convert crore into US numerical system and we need to convert Rupees into Dollars. On the domestic equity market front, the BSE Sensex ended 465.14 points or 0.80 per cent higher at 58,853.07.
Brent crude futures, the global oil benchmark, declined 0.54 per cent to USD 94.38 per barrel. The dollar index, which measures the greenback's strength against a basket of six currencies, slipped 0.25 per cent to 106.57.īrent crude futures, the global oil benchmark, declined 0.54 per cent to $94.38 per barrel. Mumbai: The rupee fell 40 paise to close at 79.64 (provisional) against the US dollar on Monday amid waning risk appetite among investors.
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