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 African Development Bank (AfDB) released about 511 million US dollars to finance four government programmes in Niger, an AfDB official said Sunday.
The Indian rupee’s stability, despite external pressures from weak Asian currencies and rising US bond yields, highlights a nuanced approach by the Reserve Bank of India (RBI) in managing the currency.
The Indian rupee’s slide to a record low against the US dollar underscores the complex interplay of domestic and global economic factors that influence currency valuation.
The former Union minister said neither Prime Minister Narendra Modi nor any BJP member is speaking up about this depreciation.
In what could translate into further trouble for the domestic currency, analysts see an upward move of 6 to 7 per cent in the Brent crude prices in the coming week.
In 1971, President Richard Nixon made a unilateral declaration that the USA is not obliged any more to provide gold in exchange for the dollar.
The dollar index, which measures the greenback against six major peers, rose 0.28 per cent at 96.3371 in late trading.
The 30-share index, however, pared some early gains and was trading 103.90 points, or 0.29 per cent, higher at 35,617.61. Similarly, the NSE Nifty rose 37.15 points,or 0.35 per cent, to 10,709.40.
At the interbank forex market, the rupee opened higher at 69.63 and rose further to quote at 69.62, showing a rise of 15 paise over its previous close.
