Rupee Perched Near All-Time Low

London: 22 July 2024 (TraderMade): The Indian Rupee (INR) is teetering on the edge, hovering just above its all-time low against the US Dollar. Market participants are anxiously awaiting the Indian federal budget on Tuesday, scrutinizing every detail for clues about the Rupee's future.

State Bank Intervention Provides Temporary Relief

While the outlook for the Rupee may seem bleak, there have been recent signs of support. State-run banks have stepped in, selling dollars in an effort to bolster the Rupee's value. This intervention has provided some temporary relief, but whether it's enough to prevent further depreciation remains to be seen.

Federal Budget: A Make-Or-Break Moment

The upcoming federal budget is a pivotal moment for the Rupee. Investors are hoping for measures that will inspire confidence in the Indian economy and strengthen the Rupee. The Reserve Bank of India (RBI) may also take action to curb the Rupee's decline.

Economic factors such as global oil prices, foreign investments, and interest rates all affect the Rupee's value. The next few days will be critical for the rupee, with the federal budget serving as a major turning point. Stay tuned for further updates.