Business

Indian Rupee Among World’s Most Stable Currencies: RBI Governor Shaktikanta Das

The Indian rupee has distinguished itself as one of the most stable currencies globally, maintaining strong stability against the US dollar, according to Reserve Bank of India (RBI) Governor Shaktikanta Das.

Das highlighted that the RBI’s policy aims to curb excessive volatility in the rupee, ensuring its stability fosters confidence among market participants, investors, and the broader economy.

Das remarked, “Stable rupee fosters confidence among market participants, investors and the wider economy.”

The RBI has been proactive in managing rupee fluctuations by intervening in the foreign exchange market, primarily utilizing public sector banks (PSUs) to sell US dollars as a means of stabilizing the currency.

This intervention includes liquidity management strategies, aimed at mitigating sharp depreciations in the rupee’s value.

A recent report from global investment firm Jefferies underscores the rupee’s position as the most stable currency among major economies.

Meanwhile, analysts attribute the rupee’s stability to the relative weakness of the dollar, which has led to only modest declines in the rupee’s value against it.

Markets are focusing on the US Federal Reserve’s upcoming policy meeting, likely scheduled for 16 September.

Analysts, including Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities however anticipate a 0.25% rate cut and a dovish stance from the Fed.

The likelihood of an interest rate cut has been bolstered by recent jobless claims, which rose to 230,000, exceeding the expected 228,000, thus providing the Fed with more leeway to ease rates.

On Tuesday, the rupee showed slight appreciation, gaining 2 paise to trade at 83.84 against the US dollar in early trading.

Market experts suggest that while the USD/INR pair might experience some volatility, support is between 83.80 and 83.70, with resistance levels noted at 84.05 and 84.15.

Also Read: Adani Group Refutes Fake Press Releases

Mankrit Kaur

Recent Posts

Pahalgam Terror Attack: Global Leaders Condemn Attack; Stands With India In Solidarity

Gideon Saar, the Foreign Minister of Israel, condemned the terrorist attack on tourists in Pahalgam,…

9 hours ago

Amit Shah Visits Srinagar For High-Level Security Review Following Terror Attack In Pahalgam

Union Home Minister Amit Shah arrived in Srinagar on Tuesday to conduct a high-level security…

10 hours ago

President Droupadi Murmu Condemns Pahalgam Terror Attack; Extends Condolences

President Droupadi Murmu expressed her 'heartfelt' condolences to the families affected by the terrorist attack…

10 hours ago

Dr Rajeshwar Singh Calls For Mandatory Environmental Education On World Earth Day

Sarojini Nagar MLA Dr Rajeshwar Singh voiced serious concerns about the escalating environmental crisis on…

11 hours ago

PM Modi Condemns Pahalgam Terror Attack; Vows Justice For Victims

PM Narendra Modi on Tuesday strongly condemned the terrorist attack in Pahalgam, Jammu and Kashmir,…

12 hours ago

Pahalgam Terror Attack: PM Modi Speaks To Amit Shah; Orders Swift Action

PM Narendra Modi on Tuesday directed Union HM Amit Shah to take all necessary measures…

12 hours ago