Why the Indian rupee’s fall and how to stop it

Why the Indian rupee’s fall and how to stop it

August 2, 2021 Comments Off on Why the Indian rupee’s fall and how to stop it By admin

The Indian rupees fell as much as 10 per cent to a record low on Tuesday, with the currency trading at its lowest level since the currency crisis in 2007.

The rupee fell to a fresh one-month low of 9.27 against the dollar.

The Asian currency fell to its lowest in more than three months after hitting a record high on Tuesday in anticipation of a possible Indian withdrawal from the $1.7 trillion US dollar global bond market.

The rupee was trading around 9.5 per cent lower against the greenback at 1.7522 per US dollar.

The rupees exchange rate is set by the Reserve Bank of India and is determined by a range of factors including the foreign exchange rate of the country’s central bank.

A currency swap deal between the two sides will see the rupee depreciate by up to 6 per cent and then recover to its previous level, according to a statement by the central bank, which is also the countrys largest trading partner.

The government has said the rupees’ current value of $1,926, is set at the level at which it would be traded against the US dollar if it were not for the foreign currency swap, according the statement.

It added that the ruashares current value would continue to decline by 6 per-cent every day.

“There are many uncertainties regarding the exchange rate and foreign exchange reserves.

It will be interesting to see how the ruas foreign exchange rates will evolve in the coming days,” said a senior official in the finance ministry.

The Reserve Bank has announced the ruases foreign exchange reserve will be at $1 trillion, up from $931 billion, and that the central banks foreign exchange assets will be $1 billion, up by $25 billion from the previous day.

The RBI, in its statement, said the Reserve bank would provide its full and timely information to the government and the markets.

India’s rupee has been trading against the euro since the early 1990s, and has been steadily losing value over the last decade.

The countrys currency is currently worth about $1 and its central bank is also printing its own money to maintain the currency.

On Wednesday, the Reserve Banks foreign exchange and monetary policy committee will meet to discuss the government’s options for the exchange and central bank’s efforts to maintain a steady rate of exchange.

After a surge in capital inflows in the past week, the ruis currency was trading at around $1 per US cent for the first time on Wednesday.

In the past two days, the government has been pumping nearly $2 billion in foreign currency to bolster the ruaser.

Foreign currency inflows into India’s economy, including those from emerging markets, have surged in the last three weeks amid concerns over the impact of the currency collapse on foreign investors, who have been reluctant to invest in the country.

At the same time, the central government has slashed subsidies for people to purchase goods and services and imposed steep price controls on foodstuffs and fuel.

According to the Reserve’s statement, the foreign money inflows are contributing to a “low” economic growth and that a decline in ruaser exchange rate could push up inflation.

Prime Minister Narendra Modi has announced that the government will increase taxes and stamp duty to curb inflation, and the government is also mulling further cuts in welfare subsidies.

(Reporting by Rajesh Pandey; Editing by Mark Heinrich)

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