Large depreciation of rupee against dollar as a result of shortage of dollar

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- In 2023, the two percent growth in the rupee so far has been completely washed away

- Foreign exchange increased to close to $600 billion: Gold reserves increased by $38 million to $46.353 billion.

MUMBAI: A dollar shortage came under pressure on the rupee last week, wiping out the gains made so far against the dollar in the current year. The impasse over raising the debt ceiling in the United States and concerns about rising interest rates have created a shortage of dollars. The two percent improvement of the rupee against the dollar in 2023 has been washed away. Last week, the dollar rose to Rs 82.80 intraday, but after the intervention of the Reserve Bank, the rupee recovered slightly and the dollar fell to Rs 82.66.

Due to the intervention of the Reserve Bank, the shortage of dollars in the financial system has been removed a little, said a Forex market trader.

The US Congress is currently in talks to raise the debt ceiling, but if these talks fail, the US Treasury will be short of funds. An analyst said the rupee will stabilize or improve again after the impasse over raising the debt limit is cleared.

The Reserve Bank is estimated to have sold one billion dollars at the end of last week.

The country's foreign exchange reserves rose by $3.55 billion to $599.52 billion in the week ended May 12. Foreign exchange reserves rose for the third consecutive week. This is the highest level of foreign exchange reserves since the beginning of June.

According to Reserve Bank of India data, the country's total foreign exchange reserves rose by $7.19 billion to $595.97 billion in the previous week. It may be noted that in October 2021, the country's foreign exchange reserves reached an all-time high of $645 billion.

The rupee depreciated by 0.4 per cent in the week ended May 12 due to broad-based strength in the dollar index. The rupee traded in the range of 81.69 to 82.2250. The rupee weakened further by 0.6 percent this week, touching its lowest level in two months. The rupee closed at the level of 82.66 against the dollar on Friday. The value of gold reserves increased by 38 million dollars to 46.353 billion dollars in the reporting week.

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