Rupee Surge
The Indian rupee’s surge to a two-month high on Thursday signals a broader shift in the global economic landscape, influenced not just by domestic factors but by international dynamics as well.
The Indian rupee’s surge to a two-month high on Thursday signals a broader shift in the global economic landscape, influenced not just by domestic factors but by international dynamics as well.
The minister said that a stable economy will propel India to become one of the top 3 economies in the world.
It is not just Western sanctions on Russia that accelerated the trend to circumvent the dollar, but the strength of the currency in the past year has also posed a challenge.
With the Reserve Bank of India's Inter-Departmental Group having expressed the view that the rupee possesses the potential of evolving into a global currency in the wake of India's resilient economic growth amid global challenges, the potential of such a development is significant for India's economic growth and international standing.
According to RBI's latest data, India's foreign currency assets, the biggest component of the forex reserves, fell by USD 4.38 billion to USD 509.691 billion.
On Thursday, the rupee had settled at 69.87 against the US dollar.
The Indian Rupee opened higher by 11 paise at 69.76 per dollar versus Thursday's close 69.87.
The Sensex closed 66.44 points, or 0.17 per cent higher than its previous close, at 39,749.73, after moving in the narrow range of 39,828.65.
The appeal was made following the observation of a 53 per cent jump in imports of readymade garments from Bangladesh, ITF Convenor, Prabhu Dhamodaran said in a statement here.
On Monday, the Sensex jumped by a healthy 1421.90 points, closing at 39,352.67, while the Nifty advanced by a massive 421.10 points to 11,828.25, its largest gain since 2008.
