September 5: Rupee opens against the dollar, weakens by 4 paise: In the forex market Dollar compared to Rupee Opened with weakness today. Today the rupee opened with a weakness of 4 paise at Rs 79.84 against the dollar. At the same time, on Friday, the rupee closed at Rs 79.80 with a weakness of 24 paise against the dollar. Trading in dollars needs to be done very wisely, otherwise, the investment may suffer.
Know the closing level of the rupee for the last 5 days
- On Friday, the rupee declined by 24 paise to close at Rs 79.80 against the dollar.
- On Thursday, the rupee closed at Rs 79.56 with a weakness of 11 paise against the dollar.
- On Tuesday, the rupee strengthened by 51 paise to close at Rs 79.45 against the dollar.
- On Monday, the rupee weakened by 10 paise to close at Rs 79.96 against the dollar.
- On Friday, the rupee strengthened by 2 paise to close at Rs 79.86 against the dollar.
Know the reason for a weak or strong rupee
The value of the rupee is determined by its demand and supply against the dollar. At the same time, the imports and export of the country also affect it. Every country maintains its own foreign exchange reserves. With this he pays for the goods imported into the country. Every week the Reserve Bank releases the data related to it. What is the position of foreign exchange reserves, and what is the demand for dollars in the country during that time, it also determines the strength or weakness of the rupee.
Know the effect of expensive dollars on you
The country has to import about 80 percent of its crude oil requirement. India has to spend a lot of dollars in this. This puts pressure on the country’s foreign exchange reserves, which affects the value of the rupee. If the dollar is expensive, we have to pay a higher price, and if the dollar is cheap, we get some relief. Every day this fluctuation keeps changing the position of the rupee against the dollar.