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Rupee breaches 79, sheds 0.9% this week as FII outflows, CAD worries grow

Business Standard LogoBusiness Standard1 mo ago

Rupee breaches 79, sheds 0.9% this week as FII outflows, CAD worries grow

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Of late, the RBI has been said to have been taking advance delivery of outstanding long forward dollar positions, likely in order to shore up foreign exchange reserves.

The current level of reserves are equivalent to nearly 10 months of imports projected for the current fiscal year, the RBI said in its Financial Stability Report, released Thursday.“Our FX team notes that a dip in import cover towards less than 10 months saw slowed pace of intervention in 2018.

But once the rupee crossed 79 we saw a fair degree of dollar selling from exporters,” a dealer with a state-owned bank said.


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Article Details

Author / Journalist: Bhaskar Dutta

Category: EconomyFinance

Topics: Reserves Week Foreign Rupee Market Currency Current Dollar Been

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-07-01, 18:30:00

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Reading Time: 6 minutes read

Article Length: 1030 words

Coverage Area: India

Availability: Desktop Web, Mobile Web

News ID: 25121

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About Business Standard

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Main Topics: EconomyFinance

Official Website: business-standard.com

Update Frequency: 261 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 2h ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

News Language: English

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Publisher ID: #49

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