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Foreign exchange market: drop in the Indian rupee

26/12/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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Despite gains in most other Asian countries, the Indian rupee weakened on Tuesday. Since the demand for dollars from importers and local oil companies has eroded the

impact of positive global indexes.

The rupee ended at 83.1925 against the U.S. dollar, down 0.06% from its close at 83.14 on Friday. But the rupee could not appreciate due to the high demand for dollars from oil companies. Investors are currently evaluating the likelihood of a rate cut in March and expect a total of 150 basis points of rate cuts in 2024

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