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.
Forex traders said the local unit opened weak against the greenback tracking losses in some of the major Asian currencies and gains in the US dollar.
The Indian rupee slipped further by 95 paise to 76.15 against the US dollar in opening trade on Monday amid sharp rise in Coronavirus cases in the country and heavy selling in domestic equities.
Foreign investors remained bearish in Indian capital markets as they pulled out more than Rs 5,085.35 crore on Wednesday, market data showed.
The government slashed the effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.
Forex traders said the rupee traded in a narrow range ahead of the release of retail inflation and factory output data.
