New Delhi: Today i.e. on Thursday, the biggest fall in the Indian currency rupee was recorded. The rupee fell 36 paise to a record low of 76.80 per dollar in early trading on Thursday. According to the news published on Bhaskar.com, the rupee opened softly at 76.75 per dollar and soon fell 36 paise to 76.80 per dollar.
The decline in the rupee is believed to be due to the decline of the domestic stock market and increasing cases of coronavirus infection in the country. Traders said that given the threat in global markets, investors are moving towards safe investment. In such a situation, there has been pressure on other currencies due to increase in dollar purchases. Earlier, the rupee had closed at 76.44 per dollar on Wednesday. According to preliminary data, foreign portfolio investors (FPIs) made net purchases of Rs 1,358.66 crore in the domestic stock market on Wednesday. Meanwhile, crude oil was up 1.44 percent to $ 28.09 a barrel.
According to brokerage firm Citi, RBI has a substantial amount of foreign currency assets, which could prove effective in preventing the rupee from depreciating against the dollar by 74 to 76 rupees.
Also Read:
State bank of India decreased interest on saving account
Myths you need to stop believing while making investment
Here is how you can save money and cut extra expenses
SBI’s big gift to customers, waives service charges for all atm transactions
