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 strengthened by 15 paise to 64.22 against the dollar at the interbank forex market on tuesday on increased selling of the American currency by banks and exporters.
The dollar losing sheen against some other currencies overseas also supported the local unit, traders said.
Yesterday, the rupee had rebounded by 9 paise to end at 64.37 against the US dollar in a highly volatile trade on fresh selling of the greenback and also emboldened by encouraging Q2 GDP numbers and monthly manufacturing data.
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Meanwhile, the benchmark BSE Sensex fell by 108.10 points or 0.32 per cent to 32,761.62 in early trade.
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