Persistent dollar selling by banks and exporters, amid sustained capital outflows helped the rupee to rise further by 11 paise to Rs45.05 against the American currency in the early trade.

At the Interbank Foreign Exchange (Forex) market, the domestic unit opened higher at Rs45.08/09 a dollar from its last close of Rs45.16/17.

It later moved in a range of Rs45.05 and Rs45.16 before quoting at Rs45.13/14 per dollar at 10.30am.

Sustained selling of dollars by banks and exporters in view of heavy capital outflows by foreign funds from equity in recent sessions boosted the rupee value, a forex dealer said.

In New York market, the euro rose against the dollar in seesaw trade yesterday with the moves following an earlier spike in the euro after Japan pledged to buy bonds, backed by European governments.

source: google.co.in/business

The Fall and Rise of the Indian Rupee

Unlike Humpty Dumpty, Rupee was not exactly sitting on a wall when it fell. However, the aftermath of the fall was somewhat similar in both cases as the ‘king’s men’ (the government) were at a loss as to how to put them back on track. Ultimately though, the Rupee has had better luck than that of Humpty Dumpty as it has managed to get timely attention from the doctor (RBI governor) which led to its gaining a lifeline

https://holisticinvestment.in/blog/fall-and-rise-indian-rupee/

Regards

Ramalingam K, MBA, CFP,

Director and Chief Financial Planner,

Holistic Investment Planners

“Best Performing Financial Advisor Award” Winners from CNBC TV18

www.holisticinvestment.in

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