Forex traders said the rupee is hovering around 80 level as the overall gains in crude prices in the last few days, wherein Brent has risen above $106 per barrel mark, is putting pressure on the local unit.
Currency hedging by importers and borrowers of foreign currency loans is likely to put further pressure on the Indian Rupee value against the US Dollar, experts tell Business Today.
Analysts on Dalal Street believe that investors should keep an eye on export-oriented sectors as the rupee slipped to a fresh all-time low of 80.06-mark against the US dollar on Tuesday. The local currency has depreciated nearly 8 per cent on a year-to-date (YTD) basis due to the strengthening greenback and Fed’s monetary tightening bias despite the weakening growth outlook.