New Delhi. On Monday morning, along with the stock market, the rupee also fell to the lowest level of 80.15 against the US dollar. The dollar strengthened on Monday after the US Federal Reserve’s statement of increasing interest, due to which the rupee opened at an all-time low. The fall of 21 paise in the rupee this morning is a historic fall. On Friday, the rupee had closed at 79.87 against the dollar. At the same time, during the trading this morning, its decline was recorded to the level of 80.13, which is a fall of the record low level. The dollar index is showing strength, which is at the level of 109.31. According to Anuj Gupta of IIFL Securities, the rupee is at an all-time low, but it is likely to fall further. In the short term, the rupee may fall to the level of 81.50 against the dollar, while the dollar index may touch the level of 112.
According to experts, after this historic fall, there is a possibility of further fall in the rupee. Rahul Kalantari, Vice President, Commodities, Mehta Equities says, “The Federal Chief’s statement is giving rise to the US bond yield along with the dollar index. The yield on the 10-year bond is up by 1.85 per cent to cross 3 per cent, while the yield on the 30-year bond has risen 0.82 per cent to 3.23 per cent. Rupee has broken the level of 79.55 strongly and for a few days it can remain in the range of 80.30-80.55.
At the same time, according to Anindya Banerjee, Vice President, Currency Derivatives, Kotak Securities, “The Reserve Bank (RBI) is also keeping an eye on the rupee. He will not allow the rupee to fall drastically. He further said that the Reserve Bank will also not support higher volatility in the rupee against the dollar.