Rupee Surge
The Indian rupee’s surge to a two-month high on Thursday signals a broader shift in the global economic landscape, influenced not just by domestic factors but by international dynamics as well.
Tuesday saw yet another bloody nosedive by the Indian rupee against the US dollar as the former plunged by 28 paise to hit a new record low of 72.73 in late afternoon trade on strengthening American currency as crude oil prices went past the USD 78 a barrel mark, reported PTI.
This comes on the heels of the rupee closing at an all-time low of 72.45 against the dollar on Monday, down by 72 paise against Friday’s closing of 71.73.
News agency Bloomberg quoted a senior government official saying that the finance ministry and the Reserve Bank of India (RBI) are in constant touch to monitor the rupee.
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“The top bank is intervening when required,” he was quoted as saying.
The rupee has gone down by more than 13 per cent against the dollar so far this year making it the worst performing Asian currency during the period.
Meanwhile, the BSE Sensex plunged 509.04 points, or 1.34 per cent, to close at 37,413.13 in Tuesday’s session.
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