Dollar vs Rupee: Rupee opened with a huge fall of 31 paise against the dollar, here's the reason

Dollar vs Rupee: Today the rupee is seen to be weak against the dollar. In the opening trading session, the domestic currency ie the rupee has seen a decline of 31 paise against the American currency. Apart from this, today both the indices of the Indian market have also opened with a fall. There has also been an increase in the price of benchmark Brent crude. 

Jul 28, 2023 - 10:27
Dollar vs Rupee: Rupee opened with a huge fall of 31 paise against the dollar, here's the reason

The rupee declined by 31 paise to 82.23 against the dollar on Friday (July 28, 2023). In today's trading session, the American currency is seeing a boom. The reason behind this is said to be the heavy withdrawal of foreign funds and softening of stock markets. Also, due to the rise in crude oil, there is pressure on the rupee. The price of crude oil remains close to $84 per barrel.
Forex traders said crude prices nearing USD 84 per barrel also weighed on the rupee. At the same time, better-than-expected GDP figures from the US strengthened the American currency.
According to the Interbank Foreign Exchange, the rupee opened weak at 82.30, then touched a high of 82.19 against the American currency. In this way, the rupee depreciated by 31 paise. The rupee closed at 81.92 against the dollar on Thursday.
The dollar index, showing the strength of the US currency, fell 0.02 percent to 101.76. The dollar index shows the dollar's position against the world's six major currencies. Global oil benchmark Brent crude futures were trading 0.40 percent lower at USD 83.90 per barrel.
Today, the 30-share BSE Sensex was trading at 66,039.38, down 227.44 points or 0.34 percent. The NSE Nifty fell 755 points, or 0.28 percent, to 19,604.90. Foreign institutional investors (FIIs) sold shares worth Rs 3,979.44 crore on Thursday, according to exchange data.

Muskan Kumawat Journalist & Writer