Posted 11/5/2023, 1:32:50 AM
Rupee Slumps as Dollar Rallies to Rs285 amid Falling Inflows, Strong Import Demand
- Dollar has regained ground against the rupee, reaching Rs285 amid drying up inflows and strong importer demand
- Short supply of dollars and fading hopes for Middle East investments are main reasons for dollar strength
- IMF tranche release unlikely to boost inflows significantly
- Exporters benefiting from dollar rise but imports getting costlier, hurting growth prospects
- Dollar expected to consolidate around Rs285, spike further if IMF approves loan tranche