Under Strain
The rupee drifting beyond the 90-per-dollar mark is not merely another data point in the market’s daily churn.
The rupee drifting beyond the 90-per-dollar mark is not merely another data point in the market’s daily churn.
Indian businesses and Firms would do well to reinvigorate the “Made In India” as a hallmark of unquestionable Quality, the report suggested.
Wall Street pundits and investors are schizophrenic about the dollar. The dollar weakened after Moody’s cut the US credit rating by one notch from Aaa (the highest rating — to Aa1, attributing the downgrade to the increasing fiscal deficit, as well as the rising interest rate costs on Federal government debt.
As the Indian rupee reached a record low of 87.58 to the dollar on Thursday, it finds itself at a critical juncture, navigating a sea of global and domestic pressures.
The latest statement by US President-elect Donald Trump demanding that Brics nations pledge not to create or support a new currency to challenge the American dollar reflects growing apprehension about dedollarisation.
Parmar further said that the rupee stayed calmer on Thursday, compared to the prior three days, as participants are cautious ahead of the release.
The rupee logged the third straight session of gain on Monday. In the three trading sessions, the local unit appreciated by 95 paise.
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.
Foreign investors remained bearish in Indian capital markets as they pulled out more than Rs 5,085.35 crore on Wednesday, market data showed.
The lacklustre data came after the US Federal Reserve lowered interest rates for the first time since the 2008 global financial crisis.
