Rupee falls to all-time low against US dollar
Notably, the rupee dropped to 85.0650 against the US dollar in early trade, compared to 84.9525 on Wednesday.
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.
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.
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.
On Wednesday, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 961.26 crore.
The benchmark index touched a high of 35,545.85 and a low of 35,324.37 while the NSE's Nifty was trading 44.05 points higher at 10,660.75.
The market breadth was positive with 1,171 advances and 1,138 declines even though the equity indices traded with a negative bias.
The domestic currency was at 72.97 to a US dollar, from its Monday's close of 73.12.
