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.
Increased selling of the greenback by exporters and banks amid a higher opening in the domestic equity market lifted the domestic currency, dealers said.
The rupee resumed higher at 68.37 from yesterday's closing level of Rs 68.43 at the interbank foreign exchange market here.
The rupee opened lower to 68.69 from Monday's closing level of Rs 68.67 at the interbank foreign exchange market here
The rupee's previous all-time intra-day low was 69.10, touched on June 28.
Traders said dollar's strength against some currencies overseas and fresh demand of the US currency from importers weighed on investor sentiment.
