During, the early trading hours the Indian Forex market seen a plunge of the Rupee against the dollar. The rupee fell 26 paise as against the US currently falling in line with the stock markets meltdown.
The Interbank Foreign Exchange which is also known as Forex market seen that the rupee had fallen by 26 paise and is now at a value 46.51 dollars. The rupee yesterday had closed by 28 paise at 46.25/26 as compared against the US dollar. Analysts and dealers have said that the fall in the domestic currency rate is largely because of the inflow of capital from various sectors. This is primarily the reason why there was a meltdown in the stock markets.
The dollar on the other hand has continued its rising streak not only against the Indian Rupee as well as the major currencies of the world which is why it has weighed down on the rupee sentiment. This was as per the estimation of the dealers
In the mean time, the Bombay Stock Exchange Sensex Index had fallen down as well. Its slump was recorded at 434.46 points while the early trade points have fallen to 15,790.49 points.
The Indian rupee has been declining since the past couple of weeks now as compared to the dollar. As compared to the other world currencies too, the dollar seems to be gaining in strength.
