

Rupee avoids record low on RBI intervention but expected to weaken

The Indian rupee stayed nearly flat, hovering against the U.S. dollar. IST, barely changed from its previous close. This steadiness came despite the currency nearing a record low. Pressure on local equities, following the government’s budget announcement of increased tax rates on profits from equity investments and equity derivatives trades, contributed to the decline. Overseas investors, who had pumped into Indian markets this month reacted by selling. This selling pressure was evident in the local stock markets, with both the BSE Sensex and Nifty 50 indices down. Read more to find out how will Indian rupee trend.

how will Indian rupee trend

Disclaimer:

Traders should be wary of the potential for sudden market shifts triggered by other political and economic developments, where proper risk management is vital.

Publication date:

2024-07-27 11:54:29 (GMT)

The terms and conditions of use set out below (referred to as "FX Blue's Terms"), form a contractual agreement governing FX Blue's relationship with you in relation to your use of this Website (“Agreement”) and you agree to be legally bound by FX Blue's Terms just as if you had signed this Agreement. By using this Website and any Information, you are agreeing to comply with and be bound by FX Blue's Terms, including any revisions that may be made to FX Blue's Terms from time to time. FX Blue reserves the right, in FX Blue's sole discretion, to change, modify, add or remove portions of FX Blue's Terms at any time by posting the revisions on the Website. You should check FX Blue's Terms periodically for changes as by using the Website after FX Blue posts any changes to FX Blue's Terms, you are agreeing to accept those changes, whether or not you have reviewed them, and you waive any right you may have to receive individualised notice of such changes. FX Blue's Terms may be supplemented by additional terms and conditions pertaining to specific content and activities. You agree and understand that such additional terms and conditions are hereby incorporated by reference to FX Blue's Terms. Your continued use of the Website means that you accept any new or modified FX Blue Terms.