January 27, 2021: After heavy volume of sell orders witnessed in the Indian equity markets today, the Indian Rupee opened today at a rate of Rs 72.94 per dollar.
Recently having touched an all-time high of 50,000 last week, the Sensex was today down at 48,011.54, while the Nifty Index was down 91.40 points at 14,146.50 as the markets have been seeing heavy selling in the equity sector.
Experts agree that with the constant selloff in the equity markets and also a big chance of dollar indexing recoiling, the rupee trend seems to be leaning towards further depreciation of the value.
Perhaps another factor involved in this depreciation trend is the Union Budget announcement which will take on February 1.
With the likelihood of the Government making compromises on the fiscal budget, the possibility of the rupee moving further away becomes stronger.