Rupee vs Dollar: Government, RBI vigilant on currency fall; Experts predict more pain ahead
Rupee vs Dollar: The Finance ministry stated that government and the RBI will do everything to ensure that the rupee does not depreciate to ‘unreasonable levels’.
Several industry analysts believe that Indian currency could continue to shed further in the time to come. “Certain intervention could restrict the pace but bias for the rupee is still negative. Rupee, in the short term, could test levels of 73.20 and break above 72.15 could negate the view for short-term weakness,” Gaurang Somaiya, Currency Analyst, MOFSL was quoted as saying by PTI.
Experts also believe that the deficit gap can be lessened by reducing the imports. As off Tuesday, rupee traded in a range of 71.86 to 72.91 during the day and after dipping to a historic low of 72.74, the local unit finally settled at 72.69, with a loss of 24 paise, or 0.33 per cent.
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