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.
A higher opening in the equity market also supported the rupee's recovery
Wider trade deficit and outflow of foreign funds, weakened the Indian rupee to a fresh record low during the early morning trade session on Thursday.
Rupee recovered and ended at 69.90 against the dollar, hours after it crossed the 70-per-dollar mark and touched a new all-time low of 70.08 per dollar
The lira's drop has unsettled global markets, with shares of European banks coming under particular pressure.
The rupee opened lower to 68.69 from Monday's closing level of Rs 68.67 at the interbank foreign exchange market here
