Rising commodity prices are expected to keep up the pressure on the Indian rupee next week. A wave of domestic inflation is expected to be driven by crude oil as well as other crude oil prices. Senior analysts say the trend will affect interest rates as well as growth prospects. However, the sale of fiscal-end dollars by software majors will prevent any sharp devaluation of the rupee against the USD. As a result, the spot USDINR is expected to remain in the range of 76 to 76.50 for next week.
The rupee depreciated by half a per cent last week amid a stronger US dollar, higher crude oil prices and a weaker risk appetite. The rupee closed at 76.20 after swinging one US dollar between 75.80 and 76.50. Ukraine’s rise in crude oil amid concerns over the war and US yields have weakened the rupee.
100 Indian Rupees US $ 1.32, exchange rate March 17
100 Indian rupees US $ 1.32, exchange rate 19 March
US 100 1.31 per 100 Indian rupees, March 16 exchange rate
On the other hand, those who have ordered Indian Rupees in the US should look at these rates. If money is ordered from India at the rate of Rs 100, then in America it will be only $ 1.31. At the same time, the value of one dollar sent from America will be 76.29 rupees in India.