Dollar vs rupee News

Indian Rupee is in the Race to take over the American Dollar. More than 18 countries have agreed to use Rupee for International trade with India. After this more than 35 countries have shown their interest to trade in Indian Rupee. The global importance of the Indian Rupee has risen in the last few years after India-Russia, India-UAE and India-Singapore agreements on trade deals in INR. Which has also led to a decrease of the use of dollars in international trade.

Indian rupee ended 2022 as worst-performing currency with a fall of 10.14%. It had seen the biggest annual decline since 2013. The rupee was also a victim of a rally in oil prices sparked by Russia-Ukraine conflict.

The weakening of the rupee against the dollar is not breaking news and we have become accustomed to it over the years. This is also because this decline has continued in this way in every government. But the big question is, how worrying is this fall in the rupee?

For the first time in history, the Rupee hits all-time low of 80 against US dollar. The big question is, what message does this fall of the rupee send for the Indian economy?

Even though the fall of rupee in India has not become a breaking news yet, but the big question is, is it really a challenge for our economy? With Anil Singhvi, Managing Editor, Zee Business, understand how the fall of the rupee will affect you.

Rupee opened strong at 79.55 against USD. Sensex advanced 206 points to 54,092. Nifty scaled to 16,119.

Moreover, a higher opening in the domestic equity market influenced the domestic unit, according to forex dealers.

The rupee is trading at 59.47/48, after hitting 59.4925, its lowest since May 15 and below its close of 59.25/26, tracking weak global cues following tensions in Iraq and downbeat U.S. economic data.