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.
Traders said the selling of the US currency by exporters and foreign fund inflows were the other factors that provided support to the home unit.
The Department of Treasury maintained the same monitoring list but said if India continues with the same practices as in the last six months, it would be removed from its next bi-annual report.
Our economy is the fastest growing in the world but at the same time our currency is in a tailspin, our corporates are going belly up and we are facing an employment crisis.
Meanwhile, the BSE benchmark Sensex crashed 1,030.40 points, or 2.95 per cent, to hit 33,730.49 in opening trade.
However, the rupee erased some gains and finally settled for the day at 74.21 -- up by 18 paise, registering its first rise after sixth straight sessions of losses.
