By laksh5382 
Rupee The US dollar on Tuesday closed for the day up by one paise at 84.85 (provisional), just above its all-time low, as there was a changing of the guard. reserve Bank of India Expectations of change in the monetary policy of the central bank increased.
Government appointed on Monday Revenue Secretary Sanjay Malhotra As the 26th Governor of the Reserve Bank of India.
Forex traders said the market now expects a rate cut in the upcoming monetary policy in February. At the same time, pressure on the rupee increased due to weakness in the domestic markets and rise in the US dollar index.
At the interbank foreign exchange, the rupee opened at 84.80 and touched a low of 84.86 against the greenback during intra-day trade. The unit ended the session at 84.85 (provisional) against the dollar, just 1 paise higher than its previous close.
On Monday, the rupee witnessed its biggest fall in more than a month and fell 20 paise to close at an all-time low of 84.86 against the US dollar.
Anuj Chaudhary, Research Analyst, Mirae Asset Sharekhan said, “We expect the rupee to trade with a negative bias due to strengthening US dollar and overnight rise in crude oil prices. However, recent FII inflows may push the rupee lower. Can get support.”
Chaudhary further said that any intervention by RBI could also support the rupee.
“Investors may remain cautious ahead of US inflation data on Wednesday. Inflation is expected to be higher than last month. USD-INR spot price is expected to remain in the range of 84.65 to 85.10,” he said.
Shaktikanta Das, who will step down as Governor of the Reserve Bank of India on Tuesday, was the key figure behind the planning and implementation of the demonetisation drive and the rollout of the landmark Goods and Services Tax (GST). At RBI, he led India’s monetary policy response during the challenging period of the pandemic.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.13 percent higher at 106.28.
Global oil benchmark Brent crude fell 0.36 percent to $71.88 a barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex It closed on a flat note at 81,510.05 with a gain of only 1.59 points. nifty It fell 8.95 points or 0.04 percent to 24,610.05.
Foreign institutional investors (FIIs) were net buyers in the capital market on Monday as they bought shares worth ₹724.27 crore, according to exchange data.