The Indian Rupee Drops Down 8 Paise
Written by: Faizur Rahman - January 4, 2018
Today, the Indian rupee lost dropped down 8 paise to trade. The Indian rupee is currently 63.61 against the U.S. dollar. The American dollar witnessed a huge demand from the importers.
A currency dealer said, “The dollar’s gains against major world currencies after a strong U.S. manufacturing data also impacted the rupee sentiment.”
On Wednesday, the Indian rupee rolled back from its marginal stand. The rupee fell down by 5 paise halting at 63.53 against the U.S. dollar. Today, the Benchmark Bombay Stock Exchange (BSE) recovered by 123.37 points (0.36%) at 33,916.75.
In December, the Purchasing Managers’ Index (PMI) of the U.S., registered an increase of 1.5% leading to 59.7% beating the market consensus of November. In November 2017, the U.S. spent 1,257 billion dollars for construction which is 0.8% above the revised October estimate.
The euro fell to 1.2015 U.S. dollars from 1.2045 U.S dollars, the British pound and the Australian dollar dropped to 1.3514 U.S. dollars from 1.3594 U.S. dollars and 0.7833 U.S dollars from 0.7829 U.S. dollar.
On the 2nd of January 2018, the Indian rupee gained 19 paise against the U.S. dollar. This was the highest closing for the rupee since the 8th of August 2017, when it settled down at 63.63. The Reserve Bank of India (RBI) data showed India’s foreign exchange reserves surged by $ 3.53 billion touching a height of $ 404.921 billion. The Indian rupee rose almost 6% against the U.S dollar in 2017 driven by strong inflows into capital markets.
In order to curb the influence of illicit money and boost the financial status of the Country, the Finance Ministry of India notified the contours of new electoral bonds. The electoral bonds will be the only way to make donations to the Political Parties. The donors can purchase the electoral bonds from specified branches of the State Bank of India (SBI.) The electoral bonds will be available for a period of 10 days in the months of January, April, July and October.
A few weeks ago the Indian rupee stood at 64.02 against the U.S. dollar. The exporters and banks distanced themselves from the American currency due to a jump in the capital inflows.
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