New Delhi:
Dollar Vs Rupee Exchange Rate: Indian rupee has fallen by 3.3% between October 2024 to January 2025, but it is in better position than other major Asian currency. Minister of State for Finance Pankaj Chaudhary gave this information to the Rajya Sabha in a written reply to a question in the Rajya Sabha on Tuesday. During this time many other Asian currency weakened more than Rs.
He said that during this period the US dollar gained 7%, causing pressure on currency around the world. Despite this, the Indian rupee performed better than South Korean Won (8.1% fall) and Indonesian rupees (6.9% fall).
Effect of global economic uncertainty
The Minister of State for Finance said that the rupee has affected the US presidential election and global economic uncertainties. Apart from this, there is also pressure on the rupee due to the declining differences in interest rates between the US and India.
The currency of G-10 countries also saw an impact. Euro recorded a decline of 6.7% and British pounds by 7.2%, which makes it clear that the dollar strength is impacting globally.
Historical recovery of rupee, 66 paise strong in a day
On Tuesday, there was a tremendous recovery in the rupee. The rupee closed 66 paise to close at 86.79 per dollar against the dollar. This is the biggest strength of a day of the rupee in recent years. According to foreign exchange traders, the rupee had reached close to 88 on Monday, but after the possible intervention of the Reserve Bank of India (RBI), it saw a tremendous improvement.
Market stability due to RBI intervention
Experts believe that the Reserve Bank of India strategy gave a big support to the rupee. Rupees have been the biggest lead in a session in the last two years. The strength shows that there is flexibility in the Indian economy and policy intervention can keep the market stable.
