The rupee weakens against the US dollar as foreign investors continue to sell

Forex merchants noticed a negative bias for the dollar/rupee, and foreign investors continue to sell Indian shares, while the support of the Bank of the Reserve of India (RBI) gradually decreases.

In the interbank currency market, the rupee opened to 86.94 and depreciated even more at 86.96, marking a fall of 8 countries from its previous closure.

On Monday (February 17), the currency had decreased by 17 lands, establishing itself by 86.88.

Merchants observed that RBI measures, together with the absence of expected American tariffs, have relieved trade -related concerns. However, the challenges persist on the domestic macroeconomic front. India exports fell for the third consecutive month in January, 2.38% year -on -year at $ 36.43 billion, while the commercial deficit was extended to $ 22.99 billion. Imports, on the other hand, increased 10.28% to $ 59.42 billion, largely due to an increase in gold shipments, according to the Ministry of Commerce.

Meanwhile, the dollar index, which measures the strength of the backback against a six coins basket, stood at 106.90, 0.31%more.

Brent Crude, the global oil point of oil, is quoted 0.24% higher than $ 75.40 per barrel in futures.

Looking to the future, the MD Amit Pabari of CR Forex Advisors suggested that the couple of dollars/rupees could operate between 86.60 and 87.20, with 87.20 acting as a strong level of resistance and 86.50 providing critical support.

A break below 86.50 could see that rupee is further strengthened, aimed at 85.80 to 86.00.

–With PTI inputs

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