Rupee holding ground amid strengthening U.S. dollar: FM
Rupee will find its own level, says Nirmala Sitharaman
Rupee will find its own level, says Nirmala Sitharaman
The rupee opened at 82.68 against the US dollar at the interbank foreign exchange.
This is the fourth consecutive session of loss for the domestic currency.
The domestic currency has been in a freefall for the past few weeks due to strengthening greenback.
Analysts expect rupee to further decline this week, just short of the 80 per dollar mark, amid strong dollar, recession and FII outflows.
RBI on Monday put in place an additional arrangement for invoicing, payment, and settlement of exports and imports in the Indian rupee.
Nomura expects the Indian rupee to fall to 82 against the dollar by the third quarter of 2022.
The local currency plunged 36 paise to a lifetime low of 78.29 against the US dollar.
Analysts are apprehensive that the rupee might slip towards 78 levels if the macroeconomic difficulties persist.
The rupee opened at 77.17 against the US dollar at the interbank foreign exchange.