Rupee continues to strengthen against the global benchmark dollar as the US dollar index has weakened substantially last week.
The weakening of the dollar is a positive for other currencies. The rupee opened at 80.52 against the US dollar versus the previous close of 81.80 on Friday.
For the record, barring the latest appreciation in November, the Indian rupee had been weakening over the past several weeks to hit fresh new all-time lows.
In October, the rupee breached the 83 mark for the first time in its history. So far this year, the rupee has depreciated around 8-9 per cent.
“It (rupee) may remain weak-to-volatile for a while, but we think the worst is largely over for the currency,” Seshadri Sen, Head of Research at asset management company Alchemy Capital Management told ANI.
Sen said the Indian currency rupee had weathered the storm in the face of heavy selling by foreign institutional investors, monetary policy tightening by the US Fed, and the ongoing war in Ukraine which led to high international oil prices.(ANI)
