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.
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 Pakistani rupee resumed its downwards slide on Thursday after two modest sessions as the "optimism surrounding the government and IMF talks scaled back", local media reported.
The Indian rupee came down against the US dollar on Monday, crossing the Rs 81 mark vis-a-vis a dollar.
The value of the country's gold reserves increased by $1.008 billion to $37.020 billion.
Currently, the NHAI is implementing about 28,000 km of highways under 'Bharatmala Pariyojna' Phase-1, and the Delhi-Mumbai Expressway is one of the flagship corridors.
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.