The weekly report on the dollar and currency market has been released, andthe effects of the stock market crash are becoming evident. There has beena consistent improvement in the value of the rupee for 13 consecutivebusiness days.
In the past week, the US dollar has become cheaper by 5 rupees and 9paisas in the interbank market. It closed at 291.76 rupees, down from296.85 rupees in the interbank market within a week.
The rupee has fallen to its lowest level against the dollar in a month. Inone week, there has been a 1.74% improvement in the value of the rupeerecorded in the interbank market.
Due to the stock market crash, the supply of dollars in the open markethas increased in the interbank market. In two weeks, the dollar has become15.30 rupees cheaper from its peak of 307.10 rupees in the interbankmarket.
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A significant increase of 10.80 billion dollars in the country’s overallreserves has been recorded in one week, with a 5.60 billion dollar increasein the State Bank’s reserves and a 5.10 billion dollar increase incommercial banks’ reserves.
