Under Pressure
As the Indian rupee reached a record low of 87.58 to the dollar on Thursday, it finds itself at a critical juncture, navigating a sea of global and domestic pressures.
As the Indian rupee reached a record low of 87.58 to the dollar on Thursday, it finds itself at a critical juncture, navigating a sea of global and domestic pressures.
The latest statement by US President-elect Donald Trump demanding that Brics nations pledge not to create or support a new currency to challenge the American dollar reflects growing apprehension about dedollarisation.
Dollar imperialism is the force that backs Uncle Sam’s role as the world’s policeman, ensuring that the U.S. maintains its influence over global trade, finance, and geopolitics."
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 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.
On 16 August, a day after the stirring speech of the Prime Minister from the ramparts of the Red Fort…
A higher opening in the equity market also supported the rupee's recovery
Wider trade deficit and outflow of foreign funds, weakened the Indian rupee to a fresh record low during the early morning trade session on Thursday.
Rupee recovered and ended at 69.90 against the dollar, hours after it crossed the 70-per-dollar mark and touched a new all-time low of 70.08 per dollar
