
Rupee plunges to all-time low against US dollar
The local currency opened at 77.56 against the US dollar and hit an all-time low of 77.58 versus the greenback.
The local currency opened at 77.56 against the US dollar and hit an all-time low of 77.58 versus the greenback.
The rupee opened at 77.17 against the US dollar at the interbank foreign exchange.
An IMF research report shows a strong negative correlation between the reserve issuer's public debt and reserve shares.
Two-pronged transformations in the global financial system will result in swifter downfall of the dollar.
According to a BofA Securities report, the Covid-19 shock could delay India touching the GDP of Japan by three years. In their latest estimates, it will now happen by 2031 if the economy grows at 9%.
The big question is how much more foreign exchange will the Reserve Bank of India buy, and why?
While hoping for no rate action from RBI, Ind-Ra expects a macroeconomic hotchpotch if these factors sustain beyond a quarter.