After the stock market, the rupee also became weak, today it is trading by losing so much money against the dollar
Dollar vs Rupee: The rupee weakened against the dollar in its initial trade on Thursday, December 7. Due to the strengthening of the dollar in the international market, the rupee fell by 4 paise to 83.36 against the dollar this morning. Apart from this, a rise was seen in the dollar index today. The MPC meeting on repo rate has started, the decision of which is to be taken on December 8.
On Thursday 7th December, along with the stock market, the Indian currency rupee also saw a decline. Today, due to the strength of the dollar in the international market, the rupee fell by 4 paise to 83.36 against the dollar in the morning session.
Today the rupee opened at 83.36 on the Interbank Foreign Exchange, which is 4 paise weaker than the previous close. On Wednesday, the rupee had strengthened by 5 paise to close at 83.32 against the dollar.
Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said, "Brent oil fell to US$74.63 a barrel, a six-month low, as US production hit a record high even as stockpiles declined. This should be quite positive for the rupee."
Global oil benchmark Brent crude futures were trading 0.50 per cent higher at US$74.67 per barrel.
The dollar index, which gauges the dollar's strength against six other currencies, was trading 0.03 per cent higher at 104.17. According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 79.88 crore yesterday i.e. on Wednesday.
The decisions taken in the three-day (6-8 December) MPC meeting chaired by RBI Governor Shaktikanta Das will be announced by the RBI Governor at 10 am tomorrow.
At present the repo rate remains at 6.5 percent and according to experts, this time the interest rate can be left unchanged. Let us tell you that the repo rate was last increased by 25 basis points in February 2023.