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Crude oil prices, Trump's trade tactics, US Fed rates are the main reasons affecting the rupee. (1965: 00003) HIGHLIGHTS
- Rupee was trading at 68.52 / 53 at 10 AM on Friday morning
- The previous record for the rupee was at 68.8650 in November 2016
- Rising crude oil prices and the tariff war impacting global currencies
India has sufficient "firepower" Volatility is influenced by global factors, including the proposed US sanctions against Iran and the imbalance between supply and demand. Petroleum demand, Subhash Chandra Garg.The Secretary of Economy at the Ministry of Finance said that the partially convertible rupee fell to a record high of 69.0950 for a dollar on Thursday and was trading at 68 , 52/53 for a dollar Friday 4:30 GMT against 68.79 / 80
"We have sufficient reserves, there is enough firepower," said Garg.
If necessary, the government could raise funds through non-refundable deposits (NCFs), sovereign bonds or other means to increase foreign exchange reserves.
"If we evaluate at any time that we need to shore up or refurbish our reserves, the options are open," he added, adding "the situation has not emerged."
The current situation was significantly better, mainly due to the rise in foreign exchange reserves, service exports and the influx of remittances by non-resident Indians, he added. .
Fall of the rupee to curb the expansion of India
See also: 3 reasons why the rupee crashed to the point the lower
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