The rupee depreciated against the US dollar among volatile domestic equity markets and a slight strengthening of the US currencies against rivals. Currently, the rupee was trading at 73.12 as compared to previous close of 72.87. The rupee opened on a weak note at 73.07 then fell further to 73.12 at day’s low.
The Indian rupee on Tuesday i.e. 2nd September, posted its biggest single-day gain in 21 months, supported by liquidity-boosting measures announced by the RBI.
Abhishek Goenka, Founder and CEO, IFA Global said, “The US Dollar has strengthened overnight as a result of some profit taking. Record negative US real rates post Fed Chair Powell comments that the Fed would embrace Average Inflation Targeting had stoked a fresh bout of weakness in the US Dollar.”
He added, “GST collections in August came in at ₹86500 crore compared to ₹98000 crore in the same month last year. A large part of the shortfall can be attributed to lower imports. However GST collections seem to be stabilizing around these levels which points to signs of incipient recovery.”