Govt efforts will help rupee appreciate against dollar: Piyush Goyal
The minister said that a stable economy will propel India to become one of the top 3 economies in the world.
The minister said that a stable economy will propel India to become one of the top 3 economies in the world.
The US Dollar Index (DXY) has slipped below $100 for the first time after April 2022. When the Dollar Index falls, the Indian rupee appreciates and the dollar weakens, which is leading to increase in fund flows from FIIs and FPIs, SBI Securities said in a report.
The Indian rupee came down against the US dollar on Monday, crossing the Rs 81 mark vis-a-vis a dollar.
The rupee on Monday ended 31 paise lower at 82.78 at the interbank foreign exchange market. The Indian currency opened 10 paise higher at 82.57 on the support of easing crude oil prices and touched a high of 83.01 during intraday trade.
India's foreign exchange reserves during the week that ended on October 14 fell to an over two-year low of USD 528.367 billion, a drop of USD 4.5 billion from the previous week.
The rupee touched a historic low of 83.18 against the dollar briefly during intraday trading, before it closed at 82.74 on Wednesday. However, the rupee's close of 82.74 was lower than Tuesday's close of 82.45 against the dollar.
The International Monetary Fund report titled ‘World Economic Outlook 2022: Countering the Cost-of-Living Crisis,’ released in October 2022, warns all countries, including India, of an impending economic downturn.
As the rupee continues with its downward trend against the dollar, touching 82.32 on Friday, Finance Minister Nirmala Sitharaman has said that she sees the phenomenon as the dollar strengthening and not the Indian currency sliding.
Speaking at a media briefing on her official US visit, she explained that it was not the Rs weakening rather USD was strengthening.
The Indian rupee on Friday, depreciated 16 paise to its all-time low of 82.33 against the dollar owing to a rise in US bond yields and climbing crude oil prices.
