Indian rupee against dollar to trade in between the price range of Rs 83.25–83.75.
Peter Brandt warns of the catastrophe of Tether.
The Indian rupee dived 0.2% to an all-time low of 83.6512 against the U.S. dollar, surpassing the early low of 83.5750 hit in April, according to the Bloomberg-compiled prices.
The current low was amid continuous foreign fund outflows in the equity market and the strengthening of the greenback. This decline is backed by the climbing crude oil prices overseas and several political and economic factors impacting the market.
David Forrester, a senior strategist at Credit Agricole CIB in Singapore, stated, “US dollar strength is dominating the market at the moment, and that is what is driving the rupee to a record low.”
Even though the rupee has shown a strong depreciation, According to the chief economist, Rajani Sainha, the Indian rupee will trade in the range of Rs 83.25–83.75 against the U.S. dollar in the remaining period of Q1 FY
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