India pushing Rupee as next global trade instrument
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.
The Rupee saw a marginal drop of 6 paise to 64.11 against the US Dollar in opening session on Tuesday in the midst of fresh demand for the American unit.
However, what limited the Rupee's fall was the US Dollar sliding in the global market and a spectacular opening in domestic equities, traders said.
On 15 May, re-asserting its dominance against the Dollar, the Rupee shot up 26 paise to end at a fresh 21-month high of 64.05, driven by robust macro data, even as exporters aggressively offloaded the American currency.
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The benchmark Sensex was trading at a fresh intra-day life high of 30,424.23 by surging 102.21 points, or 0.33 per cent, in opening trade on 15 May.
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