(Image source from: livemint.com)
Ahead of the RBI Monetory policy, the shares and trade witnessed a reduced rupee value by 9 paise bringing it down to 69.89 against the US dollar as per the recordings in the early trade Monday in some of the domestic equities along with the rise in the crude oil prices.
The opening value for the rupee at the forex market was at 69.87 but then it again fell down to 69.89 following a drop by 9 paise in the last close. On Friday, the valuation of the rupee against the USD settled at 69.80.
As per some of the forex experts, they suggested saying that it is the rising rate of the crude oil prices along with the foreign fund outflows along with the heavy selling in some of the domestic equities is what could be the reason behind the slipping valuation.
Whether or not the same will remain persistent is still a matter that one needs to keep an eye out on. The experts in the forex are still not assured of whether it will keep slipping or there could be an upsurge.
By Somapika Dutta