New lifetime low against the dollar...!?

It is known that the rupee exchange rate against the dollar has been falling to an all-time low for some time now. As part of this, For the first time this month, the value of 1 dollar has crossed the 85 rupee mark! In this context, the rupee has recently reached a new lifetime low against the dollar. Yes... The indian rupee is weakening day by day against the US dollar. In this sequence, it has declined for the ninth consecutive day. As part of this. On Friday, it tested the latest lifetime low of 85.15 intraday.. and finally lost 21 paise to end at 85.48. This is said to be the biggest loss in a day since june 4 this year. Experts who responded on this occasion said that strong demand for the dollar in the non-deliverable forwards market is the reason for the rupee's decline. However, they say that the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india stepped in and recovered late on Friday. In any case.. the rupee has weakened by 3% against the dollar so far this year.
With this... they say that it will suffer annual losses for the seventh consecutive year. In this context, financial services organizations are predicting that the dollar's value may reach 86 rupees by next March.  Kotak Securities believes that it is possible to increase even beyond that level. The cash shortage in the domestic banking system is the highest in about 7 months. They say that the RBI's use of forex reserves to stop the depreciation of the rupee and to pay taxes will have an effect. Similarly, Concerns about India's widening trade deficit amid volatile expectations surrounding the Federal Reserve's policy outlook and the policies of US President-elect donald trump have hurt the rupee, along with the broad-based dollar strength. In this context, Considering the current situation, several financial services organizations are making estimates on what level the rupee could reach by march 2025. As part of this, IDFC bank 85.50.. hdfc bank 85 - 86... Nuama 86.00 while Kotak Securities estimates 86.50. If that is the case, netizens are reminding prime minister Modi of the past in the context of saying that it will suffer annual losses for the seventh consecutive year. netizens are now making viral tweets when the rupee fell during the UPA regime. Modi's comments at that time are being used against him again. As part of this... if we win, we will reduce inflation in 100 days.. that petrol, diesel, and gas prices are increasing.. that the rupee has reached the ICU. Modi tweeted at the UPA government at that time. In this context... "Modi is right, the rupee has been on the ICU bed for the last seven consecutive years and will reach the ventilator next year!" netizens are commenting.
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Sowmiya Sriram

28/12/2024 11:48 AM