Indian Rupee faces setback against US dollar despite Central Bank Intervention
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New Delhi: The Indian Rupee received another setback as the US Dollar strengthened, despite the efforts of the Reserve Bank of India. According to Reuters, analysts suggest that the Indian Rupee's value has decreased compared to the US Dollar, and on Monday, it was trading at 83.25 against the US Dollar.
Analysts attribute the continuous decline in the Indian Rupee to the Reserve Bank of India's efforts to purchase Dollars to stabilize the Indian Rupee.
After closing at 83.2450 in the previous session, the spot session saw trading in the currency move from 83.2450 to 83.27.
The Indian Rupee has maintained its value to some extent during the period of Dollar appreciation, possibly due to central bank intervention, but it hasn't gained significantly as the Dollar falls.
Traders suggest that the Reserve Bank hinted at selling near the level of 83.26-83.27 against the Dollar on Monday, as the Rupee remained close to its record low of 83.29. However, analysts also warn that if this situation continues, the Rupee may struggle to maintain its value for an extended period.
