As the markets look to recover from weeks of bleak outcomes, another crucial component of the economy, the Indian Rupee, appears to be on the rise, at least for now.
Indian Rupee Vs US Dollar
The national currency of the most populous country on earth currently stands at around 86.73 against a single United States Dollar.
This comes to pass after a surge of 0.50 per cent made by the Rupee against the Dollar, the world's reserve currency, in the past fortnight. On March 4, the value of the Rupee stood at 87.21.
This also comes at a time, when the US Dollar itself has witnessed a slowdown in its previous surge that was turbocharged after Donald Trump's victory in November 2024.
As per the latest number, the U.S. Dollar Index (DXY), which measures the US Dollar against a basket of international, global currencies, stood at 103.55, lower than the 105.74, where it stood barely two weeks ago.
This is said to be result of the dissipating trust of investors in US dollar and highly liquid US treasury bonds, amid fears of uncertainty and recession.
How Does The Rupee Stack Against Other Currencies?
Pound To Rupee
This is critical question, and the answer to which, may not be necessarily rosy. When compared against the British Pound Sterling, as per publicly available data, the Indian Rupee has diminished against the Pound.
In the past two weeks, the Rupee has gone from 111.56 (on March 4) to around 112.53 against a single Pound, as per the latest trading data.
Dirham and Rupee
When we look at another major currency, in the Indian context, the UAE Dirham, a crucial currency, as a lot of remittances are first generated in this currency declined in value against the Indian Rupee. The Dirham dipped from 23.75 to 23.61.
The Saudi Riyal has also seen a minor dip, from the previous 23.23 to 23.12 in the span of about 14 days.
