Currency: US Dollar Pushes Indian Rupee To Record Lows
The Indian Rupee is facing the onslaught of the US dollar in the currency market this week. INR fell to a new low of 83.73 against the USD on Friday’s closing bell raising fears of a further decline. The record slip sent shockwaves across the Indian export and import sector as trade and commodities will turn costly. Also Read: Morgan Stanley Provides New Gold Price Prediction For 2024 Source: Google The strengthening of the US dollar is making local Asian currencies worried that their economies could face severe challenges. The DXY index, which tracks the performance of the USD shows the currency above the 104.30 mark. If the Indian Rupee declines further, the cost of daily essentials will rise across the country. Also Read: BRICS: Sanctions Turning Chinese Yuan as Main Currency, Not US Dollar Currency: Indian Rupee Falls To New Lows Against the US Dollar Source: compareremit.com While the Indian rupee fell to 83.73 on Friday, it briefly surged on Monday’s opening bell ...