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.
The rupee depreciated by 10 paise to 67.52 against the US dollar in early trade today ahead of release of key IIP and inflation data.
Maintaining its uptrend for the fourth straight day, the rupee strengthened by 21 paise to a fresh one-month high of 66.85 against the dollar in early trade today on increased selling of the greenback by exporters and banks.
The rupee strengthened by 39 paise to 67.39 against the dollar at the interbank forex market on 28 May on fresh selling of the greenback by exporters and banks.
The Reserve Bank of India on Wednesday fixed the reference rate of the rupee at 68.2139 against the US dollar…
At the advent of the new economic policy and globalisation in 1991, the traded at 17.5 to the US dollar.…
