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 rupee edged higher by five paise to trade at 63.82 against the US dollar on the first trading day…
The rupee edged up 3 paise to 64.02 against the dollar on Tuesday as the US currency lost some muscle…
The rupee rose 10 paise to 64.01 against the dollar on Thursday as the US Congress gave its final seal…
The rupee firmed up 4 paise to 64 against the dollar on Wednesday, taking cues from a higher opening in…
The rupee on Tuesday climbed a bit to 64.17 against the dollar as the dust settled on the political landscape…