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 logged the third straight session of gain on Monday. In the three trading sessions, the local unit appreciated by 95 paise.
Forex traders said the local unit opened weak against the greenback tracking losses in some of the major Asian currencies and gains in the US dollar.
Foreign investors remained bearish in Indian capital markets as they pulled out more than Rs 5,085.35 crore on Wednesday, market data showed.
The lacklustre data came after the US Federal Reserve lowered interest rates for the first time since the 2008 global financial crisis.
However, gains in domestic equities supported the rupee and capped its losses to some extent, they added.
