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Middle East Market

Dollar loses another 98 paisa against rupee

Sumary of Dollar loses another 98 paisa against rupee:

  • The US dollar on Wednesday lost almost Re1 against the rupee as exporters fearing further weakening started selling their greenback holdings in the interbank market…
  • “The free float of the exchange rate is now in favour of local currency since the improvement in the country external account…
  • However, the main reason behind the fall is the selling of dollars by the exporters, which has further curtailed the demand for the greenback in the interbank market,”..
  • Exporters have already started whining about the depreciation of the US dollar as they get lower payment in terms of the rupee when they bring back their export proceeds into the country….

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