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 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
The Reserve Bank of India (RBI), however, will not be comfortable with the currency touching 70 .
The US dollar was steady against its peers in early Asian trade, having failed to extend overnight gains amid uncertainty over Chinese investments in the US
