New Delhi: The Indian Rupee received another setback as the US Dollarstrengthened, despite the efforts of the Reserve Bank of India. Accordingto Reuters, analysts suggest that the Indian Rupee’s value has decreasedcompared to the US Dollar, and on Monday, it was trading at 83.25 againstthe US Dollar.
Analysts attribute the continuous decline in the Indian Rupee to theReserve Bank of India’s efforts to purchase Dollars to stabilize the IndianRupee.
After closing at 83.2450 in the previous session, the spot session sawtrading in the currency move from 83.2450 to 83.27.
The Indian Rupee has maintained its value to some extent during the periodof Dollar appreciation, possibly due to central bank intervention, but ithasn’t gained significantly as the Dollar falls.
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Traders suggest that the Reserve Bank hinted at selling near the level of83.26-83.27 against the Dollar on Monday, as the Rupee remained close toits record low of 83.29. However, analysts also warn that if this situationcontinues, the Rupee may struggle to maintain its value for an extendedperiod.