US$ galloping against rupee
View(s):With the US dollar galloping against the rupee and the country mesmerized by rapid depreciation of the local currency, money market traders said that it’s a case of “wait and see” as to what level the dollar would move to next week.
The US currency was trading in the range of Rs.164 to Rs. 169 per dollar this week with dealers saying that exporters are making a “killing” by holding on their receipts while importers are wondering what has hit them.
“It’s anybody’s guess on the exchange rates and most people are buying or selling on a day-to-day basis,” one dealer said. The Central Bank (CB), which has vowed not to intervene in the market, has been injecting small sums to control any rapid depreciation of the US currency.