The Indian Rupee weakens to near 83.70 against the US Dollar (USD) in Tuesday’s European session.
The India n Rupee weakens against the US Dollar after the announcement of the India n Fiscal Budget 2024-25. India n government raises capital gains taxes with immediate effect. This week, the US Dollar will be influenced by a slew of US economic data. The India n Rupee weakens to near 83.70 against the US Dollar in Tuesday’s European session. The India n currency faces pressure due to a sharp sell-off in equity markets after the announcement of the Fiscal Budget 2024-25.
The price of Crude Oil , the value of the US Dollar – most trade is conducted in USD – and the level of foreign investment, are all influential. Direct intervention by the Reserve Bank of India in FX markets to keep the exchange rate stable, as well as the level of interest rates set by the RBI, are further major influencing factors on the Rupee.
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