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.
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
The lira's drop has unsettled global markets, with shares of European banks coming under particular pressure.
The rupee opened lower to 68.69 from Monday's closing level of Rs 68.67 at the interbank foreign exchange market here
The Indian unit traded between 68.31 and 68.43 on sustained selling of the US dollar by banks during morning deals
