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 firmed up 11 paise to 64.41 against the Dollar on Tuesday, taking support from foreign capital inflows and a higher opening in domestic equities.
Fresh selling of the US currency by exporters and banks has been touched off by weakness in the Dollar overseas.
The forex market was shut on 26 June on account of Eid-ul-Fitr.
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On 23 June, the domestic unit ended 7 paise higher at 64.52 following fresh bouts of Dollar selling.
Meanwhile, the Sensex rose 156.75 points, or 0.50 per cent, to 31,294.96 in early session on Tuesday.
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