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.
Notably, the rupee dropped to 85.0650 against the US dollar in early trade, compared to 84.9525 on Wednesday.
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.
The sharp deceleration in the rate of India's industrial output growth is also expected have an impact on investors' sentiments.
At the interbank forex market, the rupee opened higher at 69.63 and rose further to quote at 69.62, showing a rise of 15 paise over its previous close.
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.
