Currency: Rupee Fails To Rise Despite India Dumping the US Dollar
When the rupee falls against the US dollar, the Reserve Bank of India (RBI) ‘s first instinct is to protect the currency. The RBI took potential measures to safeguard the rupee by selling millions of US dollars in the currency markets. The central bank’s intervention helped slow the downfall but failed to lift the currency against the USD. Also Read: De-Dollarization: How Long Will the US Dollar Remain Global Currency? For the uninitiated, the Indian rupee fell to an all-time low of 84.48 last week against the US dollar. The currency slipped to its downward trend immediately after Trump reclaimed the presidency early this month. The USD is strengthening in the market as the DXY index touched an all-time high of 107.06 last week. Also Read: De-Dollarization: 12 Countries Moving Away From the US Dollar Currency: Rupee Under Pressure From the US Dollar Source: Reuters / ShutterStock The rupee might find it hard to sustain the onslaught of the US dollar in the currency markets. ...