Rupee falls 13 paise to 82.80 against U.S. dollar
The Hindu
The rupee depreciated 13 paise to 82.80 against the U.S. dollar in early trade on May 22, after the central bank said it will withdraw the highest value currency note from circulation.
The rupee depreciated 13 paise to 82.80 against the U.S. dollar in early trade on May 22, after the central bank said it will withdraw the highest-value currency note from circulation.
At the interbank foreign exchange, the domestic unit fell to 82.80 in initial trade, registering a decline of 13 paise over its last close.
On Friday, the rupee settled at 82.67 against the dollar.
Traders will also assess the impact of liquidity after the RBI's withdrawal of the highest denomination currency note from circulation, said Sriram Iyer Senior Research Analyst - Commodities & Currencies Reliance Securities Limited.
Moreover, doubts emerged about the debt-ceiling negotiations and a possible default could hurt the U.S. economy and ultimately hurt sentiments back home.
The Reserve Bank of India (RBI) on Friday made the surprise announcement but gave the public time till September 30 to either deposit ₹2,000 notes in accounts or exchange them at banks.
It said it had asked banks to stop issuing ₹2,000 notes with immediate effect.
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