InvestorQ : What is causing the rise in the Indian rupee currently?
Abigail Ghoshal made post

What is causing the rise in the Indian rupee currently?

Answer
user profile image
Rishita Das answered.
2 years ago


One of the most important reasons behind the Indian rupee’s current rise is the lowering of crude oil prices. On Tuesday, it rallied 112 paise, which was its best gain in a single day in a span of five years. The rupee then settled at 70.44 against the dollar.
The rupee opened higher today as well, rising over 34 paise higher against the US dollar at 70.10 per US dollar.
In fact, the rupee gained strength further as it passed the 70 mark against the US dollar and touched an intraday low of 69.89 per US dollar.
However, crude oil is not the only reason for the rise in the Indian rupee. Other reasons are:
- Continued selling of the US dollar by exporters and banks
- US dollar’s weakness against most of its peers