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RBI gives 1-month breather to forex traders financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
The rupee settled at 83.28 per US dollar, a fresh closing low. The closing level was the same as the intraday low on Monday, just shy of the all-time intraday low of 83.29, a level seen in October 2022. On Friday, the rupee had closed at 83.26. In 2023, the rupee has shed 0.7% versus the dollar. ....
From $598.897 billion as of September 1, the foreign exchange reserves have dipped to $584.742 billion, the lowest in more than five months, on October 6, the RBI data showed. ....
The Indian rupee, which has depreciated 1.1 per cent so far in August, is expected to decline further on the back of a strengthening US dollar and a weakening Chinese yuan, according to a Business Standard poll of analysts.
The Indian rupee hit an all-time low recently, closing at 83.15 per dollar.
Five of the 10 respondents said the Indian currency might touch 83.5 per dollar in August itself, while others said the worst could be over. ....