New Delhi: The Indian rupee has fallen for three straight days and is poised to fall further today.
Reuters reports that this is due to a steady rise in US Treasury yields. Concerns over supply have pushed the dollar index to the highest in two weeks, it says.
The rupee settled 22 paise lower on May 29, at 83.40 against the US dollar.
Business Standard has cited domestic equities, elevated crude oil prices, and foreign fund outflows. Importers’ demands and oil companies have also played a role.
A forex trader at a bank told Reuters that it is likely that the rupee will get a new range once the election results are out. Results to the Lok Sabha elections will be declared on June 4. Exit polls will be out on the evening of June 1.
However, fresh foreign inflows in FPIs and bond markets may support the rupee at lower levels, Business Standard said.
