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Indian Rupee Crashes Past 87 Per Dollar as Global Uncertainty Grows

February 3, 2025, 1:21 pm

The Indian Rupee (INR) plunged to a record low of 87.1 against the US Dollar (USD) on Monday morning. This sharp drop came after US President Donald Trump imposed tariffs on Canada, Mexico, and China.

Rupee Weakens Further

The INR had already been struggling, but Trump’s announcement accelerated its fall. The currency dropped from its previous close of 86.6162 to 87.1274, losing around 0.5%. Analysts expect more declines throughout the day.

Asian Currencies Under Pressure

The rupee was not alone in its downfall. The offshore Chinese yuan, closely tracked by INR traders, slipped 0.54% to 7.3585 per USD. This decline increased pressure on other emerging market currencies, CNBC TV18 reported.

Analysts Warn of More Losses

If the trade war escalates, the rupee could slide further. Dilip Parmar, FX research analyst at HDFC Securities, told Reuters that global uncertainty will keep the currency under pressure.

Trump’s Tariffs Spark Global Concerns

Trump imposed a 25% tariff on Mexico and Canada and a 10% tariff on China. While he temporarily spared Canadian oil with a 10% tariff, he warned that it would increase by mid-February. He also hinted at new tariffs on the European Union (EU). In response, Canada has already announced retaliatory tariffs.

Dollar Strengthens Amid Market Uncertainty

The dollar index, which tracks the USD against six major global currencies, surged to 109.825 in early trade, up from 108.370 in the previous session, according to Moneycontrol.

Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisory LLP, highlighted the impact, stating, “Indian rupee falls to its lowest as Trump tariffs kill global markets and risk aversion takes a toll on all assets including gold and crypto. The dollar reigns supreme as a safe asset, with even the Swiss Franc and JPY falling. Rupee falls to 87.20.”

With market volatility increasing, investors remain cautious as global trade tensions continue to escalate.

Bass Itna Paise Chahiye: Millionaire Influencer Lights Up Bonfire With Cash | WATCH

December 11, 2024, 3:19 pm

A video showing an influence and businessman from Los Angeles, Fedor Balvanovich, burning piles of money in a bonfire has led to massive backlash online. One of the known personas that flaunt their flamboyant display of extravagance, Fedor‘s newfound public display of his actions has kept social media viewers shocked and outraged.

Cash Bonfire Viral Video

The video appears to be shot at Fedor‘s house during winter. Here, Fedor is in a black coat, hat, and sunglasses, carelessly tossing packets of banknotes into an open flame. The setting for the dramatic scene:snowy. Instead of logwood for the fire, he had stacks of money –outrage flashed across platforms immediately.

WATCH THE VIRAL VIDEO:

View this post on Instagram

A post shared by Fedor Balvanovich (@mr.good.luck_)

With over 1.3 crore followers on Instagram, Fedor often flaunts his lavish lifestyle. However, this video, which has garnered over 10 lakh views, more than 35,000 likes, and thousands of shares, has seen netizens heavily criticising him.

Social Media Reacts

The comments section erupted with reactions ranging from sarcasm to outright condemnation. Karimov quipped that “Does the dollar burn badly?” while Imran Ansari suggested that Fedor donate his wealth to the needy rather than waste it.

Alondra Mariposa, one of the viewers, expressed a sense of stark contrast of Fedor‘s actions from that of those poor people. “So many people can‘t even afford food, and here you are burning money,” she wrote.

Some users even made fun of it by saying that, “Brother, don‘t burn money. I just need Rs 5 lakh to build a house.” Another one, Odilov Azizbek said jokingly, “Fedoor, first of all settle the debts and then burn this currency further.

ALSO READ: ‘Tip Me If Your Girl’s Hot’: Man Plays Clever Placard Forces Boyfriends To Tip Or Risk Disappointment | WATCH

Criticism Over Excessive Displays of Wealth

This is not the first time Fedor has been in the spotlight for his lavish lifestyle, but burning money has brought so many viewers to question the ethics and empathy of such a display. Critics say his actions reflect a lack of awareness about global financial struggles and basic human decency.

As the backlash grows, many urge influencers such as Fedor to use their platforms toward positive change instead of indulging in insensitive stunts.

‘Global Market On Edge’: Dollar Dips As US Election And Fed Meeting Loom

November 4, 2024, 10:55 am

The dollar slipped in Asian markets early Monday as investors brace for a potentially crucial week for the global economy. With the United States set to elect a new president and the Federal Reserve expected to cut interest rates, bond yields and the dollar may face significant fluctuations.

Dollar Slips as Euro, Yen Show Gains

The euro rose 0.4% to $1.0876, facing resistance near $1.0905, while the dollar fell 0.3% against the yen, trading at 152.45 yen. The U.S. dollar index saw a 0.3% drop, resting at 103.94. A recent poll indicated a narrow lead for Democratic candidate Kamala Harris in Iowa, adding to market uncertainty. Kamala Harris and Republican Donald Trump remain neck-and-neck in national opinion polls, and analysts suggest the final election outcome could be delayed, prolonging volatility in the dollar and other assets.

How Elections Impact Market Sentiment

Analysts point out that Trump’s policies on immigration, tax cuts, and tariffs may drive inflation and bond yields higher, strengthening the dollar. Harris, seen as a continuity candidate, would likely sustain existing economic policies. Should Donald Trump secure the presidency and control of Congress, U.S. Treasury yields could spike, pushing the dollar upward. In contrast, a Harris win with a divided Congress could signal a reversal of Trump-era market trends, potentially leading to a decline in the dollar, gold, and bitcoin.

Rate Cut Expected from the Federal Reserve

Amid election uncertainty, the Federal Reserve is anticipated to cut rates by 25 basis points on Thursday. Market futures show a near-certainty for this move, with another 25-basis-point cut likely in December. Economists project four additional cuts through the first half of 2024, bringing the terminal rate to around 3.25%-3.5%. Goldman Sachs economist Jan Hatzius noted that the forecast has become slightly more dovish than current market pricing.

Global Central Banks React to Economic Pressures

The Bank of England (BoE) is expected to lower rates by 25 basis points on Thursday, while Sweden’s Riksbank is predicted to ease rates by 50 basis points. Norway’s Norges Bank is expected to keep rates steady, and the Reserve Bank of Australia, holding its Tuesday meeting, is also expected to maintain rates. In the UK, the BoE’s decision has been complicated by a sell-off in gilts following last week’s Labour budget, which pushed the pound lower. Sterling recovered some losses early Monday, trading at $1.2963.

China Poised to Announce Further Stimulus

China’s National People’s Congress, convening from Monday through Friday, is anticipated to introduce more economic support measures. Sources suggest Beijing is planning to approve over 10 trillion yuan ($1.40 trillion) in extra debt over the next few years to revive its economy.

As the U.S. election and Fed meeting unfold, global markets remain on high alert, with potential shifts in both bond yields and currency valuations expected in the coming days.

Ola’s Bhavish Aggarwal Idea To Replace Dollar Sign With Rupee On Keyboard Sparks Reaction

August 25, 2024, 10:23 am

Bhavish Aggarwal, the CEO of ride-hailing giant Ola, recently ignited a heated discussion on social media with a provocative post about keyboard design. On August 24, Aggarwal took to X (formerly Twitter) to question why the keyboard’s dollar sign ($) has not been replaced with the Indian rupee symbol (₹) in products sold in India. He shared an image of a keyboard highlighting the dollar sign and posed the question, “Maybe this has something to do with it! Wonder why the $ is not replaced with ₹ in products sold in India.”

HAVE A LOOK AT THE POST:

Maybe this has something to do with it! Wonder why the $ is not replaced with ₹ in products sold in India pic.twitter.com/LteKrcfd9b

— Bhavish Aggarwal (@bhash) August 24, 2024

Social Media Reaction: Mixed Responses

This Post of Bhavish Aggarwal quickly garnered significant attention, reaching over 1.1 million views. While some users supported his sentiment, many took to the comments section to challenge his viewpoint. Critics pointed out several reasons why the dollar sign remains prevalent on keyboards.

One commenter noted, “Patriotism and jingoism have a very small gap… You are crossing that. Don’t know whether you are doing it intentionally or unintentionally?”

Shivam Bhadani highlighted the technical reasons for retaining the dollar sign, stating, “The $ symbol is not just a currency symbol. It is embedded in many programming languages. For instance, variables are written as ${} in JavaScript and $1, $2 in bash syntax. If you want to make changes, start with yourself and replace ‘OLA’ with an Indian language word.”

Another user, Roshan Rai, suggested, “Change begins at home. Next time you give a presentation, use ₹ instead of $. Then come back and moral police other brands.”

Others voiced concerns about the appropriateness of using nationalism as a business strategy. One user commented, “Bro, doing business by playing the nationalism card is a big danger for investors.”

Setting and Effects

Aggarwal’s post comes amid ongoing discussions about national symbols and their place in everyday technology. While the rupee symbol was officially adopted in 2010, its integration into global tech products has been slow. The dollar sign, on the other hand, remains a staple in international finance and programming languages.

The debate underscores the complexity of balancing national pride with practical and global considerations in technology design. As post of Bhavish Aggarwal continues to spark discussion, it highlights the broader conversation about cultural representation in technology and business.

Bhavish Aggarwal’s social media post has certainly stirred a conversation about the representation of national symbols in technology. While his suggestion to replace the dollar sign with the rupee symbol has met with mixed reactions, it has brought to light the various factors influencing keyboard design and the role of symbols in global technology.

Pak rupees hit new low against USD, slides to Rs 227.88 a dollar

January 11, 2023, 4:31 pm

As the economic crisis continues in Pakistan, the Pakistani rupee has fallen to a new low against USD. It slid to Rs 227.88 against the US dollar in the interbank market, as per the report of The Express Tribune.

The latest drop came after the Pakistan government failed to make any headway in its talk with the International Monetary Fund (IMF) for the revival of its stalled USD 6.5 billion loan programme. The Pakistani currency has lost 4.42 per cent aggregate of its value in the last three months, compared to Rs 217.79 in early October.

The country’s foreign exchange reserves have decreased to USD 6.5 billion, which is only enough to fund imports for 25 days while the IMF plan is still on hold, according to The Express Tribune.

The interbank exchange rate of Rs 227.88, according to financial analysts, is not the true worth of the rupee. The illicit market, however, offered the US dollar for as much as Rs 270.

One of the main causes of the delay in the IMF program’s restart was the attempt by Finance Minister Ishaq Dar to artificially regulate the value of the rupee in the interbank market. According to The Express Tribune, the lending institution has requested that the government allow commercial banks and market forces to establish the rupee’s parity with the dollar.

The government’s forced restriction on imports due to declining foreign exchange reserves has had a detrimental effect on the nation’s economic operations.

Several industrial facilities have either partially or entirely shut down as a result of the lack of imported raw materials.

In addition, Pakistan’s foreign debt obligations for the following six months total USD 13 billion, raising worries that the nation may not be able to meet these payments.

According to The Express Tribune, the IMF program’s restart is the only way for the country to avoid default.

5 Places Where Indian Rupee Will Make You Feel Rich

November 22, 2022, 6:19 pm

Given that our Indian currency is weak in comparison to the currencies of the majority of European nations, we usually gripe about how expensive travelling abroad is. Even though it may not be as valuable as the dollar or the pound, the Indian rupee is nevertheless more robust than many other global currencies. Here is a list of five nations where you can travel and spend more money with Indian currency.

Costa Rica (1 INR = 8.15 colons)

Due to its rich biodiversity, Costa Rica is a must-visit destination. It is an island paradise where you can live out all of your Caribbean fantasies, including sipping Pina Coladas, lounging on the beach, and flashing your rupee bills. In this area, one rupee is equivalent to 8.15 colons.

Paraguay (1 INR = 74.26 Guarani)

With Indian rupees, this country is full of excitement, breathtaking scenery, and reasonably priced places. You can engage in a variety of activities and feel affluent without burning a hole in your pocket. The welcoming people make it one of the best travel destinations on the globe.

Iceland (1 INR = 1.87 Icelandic Krona)

Iceland’s captivating island nations are among the most beautiful places on earth, and it is a place where the Indian rupee will make you feel incredibly wealthy. Glaciers, lagoons, waterfalls, black sand beaches, and the breathtaking northern lights are some of the area’s top tourist attractions.

Tanzania (1 INR = 33 Shillings)

Tanzania is a country in Africa and one of the finest travel destinations for all nature enthusiasts, as well as the nation with the lowest country rates. It is home to the endless wildness of the Serengeti, Kilimanjaro, and a spectacular variety of animals.

Belarus (1 INR = 216 rubles)

This country in Eastern Europe is a good place to start. You won’t know where you are if you stroll along the roads with the red-brick buildings on either side. Choose this as your next travel destination because it has the most affordable public transportation system in Europe. One rupee is equivalent to 216 rubles in Belarus, which is definitely going to make you feel prosperous.

Rahul Gandhi poked fun on PM’s corruption remark, ‘40% commission’, FM

October 22, 2022, 12:55 pm

In Karnataka, where he is conducting the Congress’s Bharat Jodo Yatra, the party’s mass contact campaign with an eye toward the 2024 Lok Sabha elections, Rahul Gandhi stepped up his criticism of the BJP on Friday. His most recent tweet made reference to both Nirmala Sitharaman, India’s finance minister, and the currency, as well as the party’s frequent “40% commission” jabs at the Basavaraj Bommai administration.

Won’t let eat’ is only (a slogan) for those who are poor, deprived and suffering from hunger. In Karnataka, the BJP government is free to eat ‘40 per cent commission,” Rahul Gandhi wrote in Hindi. He was talking about Prime Minister Narendra Modi’s promise to end corruption when he said: “Na khaunga, na khane doonga (I won’t eat, and I won’t let them eat)”.

Following allegations that government employees were asked to pay a 40% commission for their services, the Karnataka administration has come under fire from the Congress.

“Hoping the PM now does not say now – ‘It’s not the corruption that’s rising but fuel is falling short for the double-engine government.” The “double-engine government” refers to the BJP governments in states, and at the Centre, which according to the party’s leaders, has helped in delivering public services effectively.

Rahul Gandhi intended his post to retaliate against Sitharaman, who said last week that “the rupee is not falling, but the dollar is strengthening.” Although there has been a lot of backlash, some have contended that what the FM actually meant was that the Indian rupee has been doing better than the decrease other foreign currencies have experienced.

Rupee at an all-time low against dollar

October 10, 2022, 4:38 pm

The Rupee has been falling weak against the US dollar in a row for quite some time now. The Rupee on Monday touched the new lowest vs the dollar, with an increased sell-off resulting from the good US jobs report which hints at more aggressive hikes from US Federal Reserve.

Rupee declined 37 paise, to a record low of 82.67 versus the US currency. Due to worries about FII outflows, rising oil costs, declining interest from domestic investors, rising US Treasury yields, and demand for the US dollar, the Indian rupee had been declining and recording record lows. In the week ending September 30, the nation’s foreign exchange reserves fell to $532.66 billion, the lowest level since July 2020. Last week, it was $537.5 billion.

The Reserve Bank of India’s (RBI) measures did little to stop the rupee’s slide. Traders claimed that as the local currency crossed the 82-mark for the first time, the central bank sold dollars via state-run banks.
The US labour market is slowing down, but an unexpected decline in the unemployment rate has raised hopes that the Federal Reserve would keep up its aggressive tightening of monetary policy, driving more capital to the dollar and driving away investors from other currencies.
On Monday, US Treasury rates increased as the US dollar index approached the 113 level.
After extending their surge with a nearly 4% increase on Friday to five-week highs, oil prices dropped on Monday. On Monday morning, domestic markets declined as the Sensex dropped more than 700 points in the early going.

Indian rupee falls 40 paise to a record low of 81.93 per US dollar

September 28, 2022, 12:29 pm

The rupee fell 40 paise to an all-time low of 81.93 against the US dollar in early trade on Wednesday, as the strengthening of the US currency and risk-averse investor sentiment weighed on the local currency.

Furthermore, a downward trend in domestic equities and significant foreign fund outflows dampened investor enthusiasm, according to forex traders. The rupee opened at 81.90 against the US dollar on the interbank foreign exchange, then fell to 81.93, a drop of 40 paise from its previous close.

The rupee consolidated in a narrow range on Tuesday, finishing 14 paise higher at 81.53 per dollar. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee opened weaker on Wednesday as the dollar resumed its upward momentum, supported by hawkish Fed talk.

According to Iyer, the local unit could track the weakness of its Asian and emerging market peers, and a delay in listing local bonds on a major global index this year could also limit gains.

“The Reserve Bank of India (RBI) may be present to curb volatility,” Iyer noted.

The dollar index, which measures the strength of the US currency against a basket of six currencies, rose 0.40 percent to 114.55.

Meanwhile, investors are anticipating the outcome of the RBI’s monetary policy meeting on Friday. Brent crude futures fell 1.33 percent to USD 85.12 per barrel, the global oil benchmark.

The 30-share BSE Sensex was trading 373.37 points, or 0.65%, lower at 56,734.15, while the broader NSE Nifty was down 108.20 points, or 0.64 percent, at 16,899.20.

According to exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs. 2,823.96 crore.

Rupee depreciates below 81-mark against US dollar in early trade, on a first

September 23, 2022, 11:27 am

The rupee fell 44 paise and fell below the 81-mark against the US dollar in early trade on Friday, weighed down by the strong US currency and risk-off sentiment among investors.

Forex traders said the escalation of geopolitical risk in Ukraine and rate hikes by the US Federal Reserve and the Bank of England to combat inflation had dampened risk appetite.

Furthermore, the strength of the US dollar in the international market, a downward trend in domestic equities, and risk-off sentiments as the geopolitical risk in Ukraine escalated weighed on the local currency.

The rupee opened at 81.08 against the US dollar on the interbank foreign exchange, then fell to 81.23, a 44-paise drop from its previous close.

The rupee fell by 83 paise on Thursday, its most significant single-day loss in nearly seven months, to close at an all-time low of 80.79 against the US dollar.

The Bank of England increased its key interest rate by 50 basis points (bps) to a 14-year high of 2.25 per cent.

The Bank of Japan intervened in the foreign exchange market for the first time in 24 years to stem a falling Yen after keeping rates at record lows, according to IFA Global Research Academy, while the Swiss National Bank hiked rates by a record 75 basis points to 0.5%.

The Federal Reserve of the United States raised interest rates by 75 basis points to 3-3.25 per cent.

On Thursday, the RBI was conspicuously absent from the spot market as the rupee fell by 1%, possibly because it wanted the rupee to catch up, according to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

“All major events are over for this month as we await RBI’s MPC to give its verdict on September 30, 2022,” Bhansali added.

Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, rose 0.05 per cent to 111.41.

Brent crude futures fell 0.57 per cent to USD 89.94 per barrel, the global oil benchmark.

The 30-share BSE Sensex was trading 558.59 points, or 0.94 per cent, lower at 58,561.13, while the broader NSE Nifty was down 153.10 points, or 0.87 per cent, at 17,476.70.

According to exchange data, foreign institutional investors were net sellers in the capital market on Thursday, offloading shares worth Rs 2,509.55 crore.

Rupee hits record low against US dollar, prone to fall further: Analysts

September 22, 2022, 10:48 am

The Indian rupee is expected to fall further after reaching a record low against the US dollar on Thursday, as the US Federal Reserve hinted at more aggressive rate hikes to combat inflation. The rupee opened at a record low of 80.2850 per US dollar, down from 79.9750 the day before.

The Fed raised interest rates by 75 basis points, as expected. More importantly, it hinted that more hikes were on the way and that rates would remain high until 2024. Asian currencies began the day weaker, with the Chinese yuan falling below 7.10 per dollar.

“After the hawkish Fed Reserve commentary, the rupee is (set to fall)”, said Anil Bhansali, head of treasury at Finrex Treasury Advisors.

“The intervention from the central bank will remain crucial and they are expected to be present through the day. However, they may allow a closing for the pair above 80 today.”

If the RBI decides to take a step back, Samir Lodha, managing director at QuantArt Market Solutions, believes the rupee will suffer further losses.

“Once RBI allows INR to trade beyond 80 on a consistent basis, I expect rupee to head towards 82.0 in a couple of months on account of the trade deficit and due to global recession and money supply tightening,” Lodha said. It is possible that “rupee will depreciate further with RBI intervention to control it whenever required,” said Venkatakrishnan Srinivasan, founder and managing partner at Rockfor Fincap.

However, any potential RBI intervention may be less aggressive this time, according to Arnob Biswas, head of FX at SMC Global Securities.

“Given the Fed’s hawkish stance, the RBI may not be aggressive. Furthermore, a significant drop in net liquidity in the system may justify doing so “Biswas stated.

According to Dilip Parmar, research analyst at HDFC Securities, “even if the RBI steps in, it will only be a temporary support and will not change the direction.”

Meanwhile, Kunal Sodhani, vice president of Sinhan Bank’s global trading centre, stated “Stop losses may be triggered by a large number of option sellers. Needless to say, it will be interesting to see how the RBI responds from here “Sodhani explained.

Rupee at record low fell to the level of Rs 80 per US dollar for the first time

July 19, 2022, 3:55 pm

There was a massive fall in the Indian rupee on Tuesday; it fell to its lowest level, i.e. 80 rupees per dollar, for the first time. On the previous day, it closed at Rs 79.97 per dollar. This year, the US dollar is up 7.5 per cent against the Indian rupee.

After seeing the continuous fall in the rupee for the last few days, there was a doubt that the rupee would cross $80. In the previous session, i.e. on Monday, the rupee had depreciated by 16 paise at the inter-bank foreign exchange market and closed at 79.98 per dollar.

Since December 2014, the rupee has registered a depreciation of 25 per cent. Giving written information about the RBI figures in the Lok Sabha, Finance Minister Nirmala Sitharaman said that on December 31, 2014, the rupee was 63.33 against the dollar, which came down to Rs 79.41 per dollar on July 11, 2022. She also cited the Russia-Ukraine conflict, rising crude oil prices and pressure on global economic conditions as the root cause of the fall in the Indian rupee.

However, by informing the lower house of Parliament, the government said that the Indian currency has strengthened against other major global currencies.

The government said, “Currencies such as the British pound, the Japanese yen and the Euro have weakened more than the Indian rupee against the US dollar, and therefore, the Indian rupee has strengthened against these currencies in 2022.”

The continuous exit of foreign capital from the market and the rise in crude oil prices is the root cause of the fall in the rupee. Market analysts have expected the dollar-rupee price to be 79.79 and 80.20.