2023-04-28 10:49:00
New Delhi: The rupee is still fighting successfully once morest the dollar in 2023. If you take the currencies of Japan, Singapore, Hong Kong and Indonesia in Asia, the rupee is the only currency that has appreciated once morest the dollar.
As per the latest estimate, it is Rs 81.79 per dollar. Bloomberg reports that the rupee has risen 0.4 percent once morest the dollar in 2023. After the start of the year 2023, the rupee is holding its value steadily without falling to 82 rupees.
Keeping the fuel price below 80 dollars is very helpful for the rupee. Other Asian currencies such as Indonesia’s rupiah, Hong Kong dollar, Singapore dollar and Japan’s yen depreciated once morest the dollar. Apart from the Indian rupee, the only currency that has appreciated is the Thai baht.
Due to the falling value of the dollar and concerns regarding the bank crisis in the United States, foreign investment firms are pouring huge amounts of money into the Indian stock market. This has added momentum to the rupee’s strength.
Similarly, from the beginning of 2023, India’s trade deficit (combining goods and services) has reduced from $12 billion to $4 billion. RBI’s hike in repo rate also helped the rupee.
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