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.
Traders said dollar's strength against some currencies overseas and fresh demand of the US currency from importers weighed on investor sentiment.
The Indian unit traded between 68.31 and 68.43 on sustained selling of the US dollar by banks during morning deals
The Reserve Bank of India (RBI), however, will not be comfortable with the currency touching 70 .
The US dollar was steady against its peers in early Asian trade, having failed to extend overnight gains amid uncertainty over Chinese investments in the US
The rupee firmed up by 19 paise to 67.79 against the dollar today after increased selling of the US currency by exporters and banks.
