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Rupee Seen Highly Volatile After Cabinet Portfolio Allocation

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In forex market soon after the key portfolios were allocated to the Modi 2 government, there was seen a high volatility. While the rupee opened with gains today at 69.72 per US dollar on crude-price cut to 3-month low levels and other macros, all of the early gains were seen pared and rupee last traded at 69.85, a steep fall of 13 paise versus its today's opening level and 2 paise over its last close.

 

Rupee Seen Highly Volatile After Cabinet Portfolio Allocation

Rupee for earlier three-session has been on a losing streak due to gains in dollar on the back of rise in demand for dollar.

Modi's aide Amit Shah has been handed over the home ministry, Piyush Goyal has retained the Railways minister, Sitharaman now holds the finance ministry. On Thursday, Modi has been sworn in as the PM for the second term.

complete list of Modi 2 Cabinet portfolio allocation

Also, the stock indices after the announcement have been trading lower, with both Nifty and Sensex declining. Early in opening trade, Sensex reclaimed 40,000 levels.

GoodReturns.in

Read more about: rupee modi gdp
Story first published: Friday, May 31, 2019, 14:44 [IST]
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