Rupee - Jan 7, 2021 - Reliance Securities
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Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee depreciated against the U.S Dollar on Thursday weighed down by rumoured dollar purchases by the Indian Central bank to counter the impact of equity and fund flows.
The Rupee ended at 73.33 compared with 73.10 in the previous session. The rupee fell 0.3% today, and logged its worst day since November 12.
Reuters reported that foreign banks were receiving heavily in the forwards market, sending the one-year forward premium lower to 3.28 rupees against 3.32 rupees yesterday.
Meanwhile, risk appetite has improved amid the likelihood of more U.S. fiscal stimulus after a victory for both the Democratic Party candidates in runoff elections in the Georgia state.