Many people from all corners of India have gone abroad to earn a living but Punjab and Kerala are two states from where many people are going abroad to support their families. In the meantime, there is good news for them about the dollar. Its price crossed Rs 75 on Wednesday.
It had touched Rs 75.46 against the dollar in trading today. It happened at a time when equity markets were booming. With the rise in the value of the dollar where the N.Y. R. Eyes. Will have the benefit of sending money home, thereby making it more expensive to travel abroad and study. In addition, imports are expensive.
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According to market analysts, the rupee is likely to weaken further against the dollar. The rupee continued to weaken after breaking a key support level of 75 last week. This could potentially touch the 52-week low of 75.67.
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It could move below this level to 75.80, after which it could touch Rs 76 per dollar. The Indian currency has weakened on the back of selling by foreign portfolio investors in the stock market and strengthening of the dollar against major currencies.