The Indian rupee is expected to remain under pressure in the near term, trading in a range of 84-84.5 per US dollar, according to a report by Bank of Baroda.
This level, indicative of persistent challenges for the rupee, reflects an ongoing struggle against strong dollar demand, high crude oil prices, and considerable foreign institutional outflows.
While many EM Asian countries have been hard hit, India's position is somewhat better due to its relatively lower dependency on trade with China, according to a report by Emkay.
Amid the rising possibility of Donald Trump returning to White House, the dollar on Wednesday strengthened while the Indian rupee hit all-time low of 84.25 against US dollar.
The Indian Rupee depreciated marginally in October by 0.3 per cent compared to the bloodbath witnessed in other major currencies, highlighted a report by Bank of Baroda.
As the fed rate cuts have increased the liquidity in the Indian markets, the Indian rupee will get support against the dollar and will trade around Rs 83.57, highlighted a research report by the Union Bank of India.
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The Indian rupee depreciated versus the US dollar on Monday to touch its all-time low, tracking global heavy selling in stock markets, over risks that the US may potentially slip into recession.
Union Minister of Commerce and Industry, Piyush Goyal, expressed hope that government efforts to boost semiconductor manufacturing, domestic shipping and a reduction in imports of oilseeds, rubber, and pulses will help the rupee appreciate against the dollar.
The Indian rupee experienced significant volatility in June, largely driven by the impact of elections, Foreign Portfolio Investor (FPI) outflows, and a rise in oil prices, which collectively strengthened the US dollar against the rupee, according to a report by Bank of Baroda.
The cumulative nonperforming loans (NPLs) of India's three largest private and three largest public banks fell to 2.483 trillion Indian rupees in the 12 months ending March 31, marking an 11 per cent decrease from the previous year's Rs 2.791 trillion.