Rupee falls for fifth day in a row
Mumbai: The rupee continues to depreciate against the dollar. The rupee fell for the fifth day in a row. The growing number of Kovid patients has put a huge strain on the economy.
The rupee had depreciated by Rs 74.73 against the dollar on November 4, 2019. Currently, local stocks are falling and the US dollar is getting stronger. The rupee touched 74.75 during the day and hovered between 74.53 and 74.96 during the day. The rupee has depreciated by 161 against the dollar in the last five days.
The government has to spend a lot on vaccination. Also Kovid has to spend for the treatment of patients. Therefore, the rupee is likely to remain weak against the dollar, said Jatin Trivedi, senior research analyst at LKP Securities.
He said the rupee is currently trading at 74.75 against the dollar. It could drop to 75.25. Forex and bullion analyst Gaurang Somaiya said the pressure on the rupee continued. The local stock market has weakened. The Reserve Bank of India (RBI) has kept interest rates unchanged in its credit policy.