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.
Macro-economic data points, coupled with Indian rupee's performance against the US dollar will influence domestic equity market's trajectory during the upcoming week.
The rupee opened a shade lower at 70.19 a dollar against the previous close of 70.18 a dollar.
Apart from export-oriented IT and pharma stocks all other sectors ended in the green, both on NSE and BSE.
Meanwhile, the Indian rupee opened lower by 35 paise at 72.20 per dollar on Wednesday versus yesterday's 71.85.
Meanwhile, the Indian rupee slipped in the early trade on Monday and opened lower by 54 paise at 71.34 per dollar against previous close 70.80.
