India's foreign exchange reserves touched a record high of $592.894 billion for the week ended May 21, boosted by gold and currency assets
Experts feel the yellow metal will remain muted for the coming months but the long term picture remains bright
At the interbank foreign exchange, the rupee opened at 74.97 then lost further ground and fell to 75.14 against the US dollar, showing a decline of 41
Logging its fourth straight session loss, the domestic currency settled at 74.58 to the US dollar – the lowest level for the rupee since November 13
Analysts said that April 7's loss—wherein the rupee tumbled 105 paise to end the day at 74.47 against the US dollar—has turned the rupee into Asia
At the interbank forex market, the local unit opened at 73.52 against the greenback and traded in the range of 73.52 to 74.50 during the day
The local unit is likely to average around 73.50-74 in the financial year 2021-22, as despite a vaccine, the coronavirus hysteria still persists and m
The Dollar Index, which measures the U.S. currency against a basket of six peers, will also be closely watched
The rupee opened at 72.99 against the greenback and witnessed an intra-day high of 72.62 and a low of 72.99