Diabytes
Rupee Vs dollar News
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It might take some time for the currency to top the charts, but clearly the stage is set for the Indian Rupee to replace the dollar in the coming years. It
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Indian Rupee is in the Race to take over the American Dollar. More than 18 countries have agreed to use Rupee for International trade with India. After this more than 35 countries have shown their interest to trade in Indian Rupee. The global importance of the Indian Rupee has risen in the last few years after India-Russia, India-UAE and India-Singapore agreements on trade deals in INR. Which has also led to a decrease of the use of dollars in international trade.
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The popularity of the Indian rupee in international trade is continuously increasing. So far, the dollar has had a major share in global trade and most of the countries of the world use dollars to buy and sell goods from each other. Many countries of the world have taken interest in using rupee for international trade.
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However, the local currency retreated from early highs amid volatile stock markets and touched a low of 82.05 in afternoon trade at the interbank foreign exchange market.
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The rupee is likely to strengthen towards 79 by end-FY24: Tanvee Gupta Jain
Narrowing the current account deficit will help the rupee strengthen against USD.
Reserve Bank will cap any significant rupee gains to rebuild buffers: Jain
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At the interbank foreign exchange, the domestic unit opened at 82.36 against the dollar, then climbed to 82.31, registering a rise of 9 paise over its previous close.
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Now India's rupee has made an entry in Global Trade as well. Soon many countries of the world will start trading with India in rupees. 18 countries of the world have shown interest in doing business with India in rupees.
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The latest report says that as more nations try to de-dollarize international trade, the Indian rupee is getting closer to becoming a recognised currency.
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The Japanese bank said that 22 of the 32 countries covered by its in-house "Damocles" warning system have seen their risk rise since its last update in May, with the largest increases in the Czech Republic and Brazil, Geo News reported.
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Rajiv Kumar is the former vice chairman of Niti Aayog.
The World Bank projected a 6.5 percent growth rate for the Indian economy for 2022-23.
This is a drop of one percentage point from the World Bank's June 2022 projections.
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The rupee appreciated by 45 paise.
The rupee close at 81.9 against the USD.
Global oil benchmark Brent crude futures fell 0.41 per cent.
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The rupee appreciated 35 paise to 81.58 against USD.
In initial trade, the rupee touched 81.75 against the American currency.
The global oil benchmark, fell 0.46 per cent to USD 88.91 per barrel.
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At the interbank foreign exchange, the domestic unit opened at 81.45 against the dollar, then touched 81.30, registering a gain of 37 paise over its previous close.
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Moreover, escalation of geopolitical risks due to conflict in Ukraine, a negative trend in domestic equities and significant foreign fund outflows sapped the investor appetite, forex traders said.
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Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite.
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The rupee depreciated 19 paise to close at 79.64.
Rupee gained 29 paise against USD on Wednesday.
FIIs purchased shares worth Rs 2,347.22 crore, reported exchange data.
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Keeping other aspects of the economy aside, let us have a glance at how the Indian currency rupee fared against other global benchmark peers since 1947. The value of a country`s currency is a key indicator for gauging its economic pathway.
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52% expect goods and services to cost more
44% are concerned about higher overseas travel costs
24% fear impact on overseas education plans for children/ grandchildren
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Das said in recognition of the fact that there is a genuine shortfall of supply of forex in the market relative to demand because of import and debt servicing requirements and portfolio outflows, the RBI has been supplying US dollars to the market to ensure that there is adequate forex liquidity.
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The weakening of the rupee against the dollar is not breaking news and we have become accustomed to it over the years. This is also because this decline has continued in this way in every government. But the big question is, how worrying is this fall in the rupee?
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