INR vs USD: On the economic front, Wednesday was full of statistics. The first March quarter (Q4 GDP Data) and the excellent GDP figures of the last financial year gave a chance to be happy, on the other hand the industrial growth figures disappointed. Meanwhile, Rupee also told the news of vanishing happiness. In fact, the month of May has proved to be the worst month for the Indian Rupee (INR) so far this year.
Now this is the value of Rs.
On Wednesday, the rupee closed almost flat at 82.7225 against the dollar in the interbanking currency market. Wednesday was the last trading day of the month of May. After this the month of June is coming. If we look at the figures for the month of May, during this period the value of the Indian rupee has declined by about 1 percent against the US dollar. In this way, May became the worst month of 2023 for the rupee. This is the biggest fall in the value of the rupee after December 2022 during any one month.
Reserve Bank’s efforts insufficient
The condition of many global currencies around the world is deteriorating due to the ever-strengthening US Dollar (USD). Despite being in a comparatively better condition than the rest, the Indian currency is in heavy losses. In recent times, the Reserve Bank has taken all measures to save the rupee and has largely spent dollars from its reserves, but all its efforts are proving unsuccessful in saving the rupee.
sharp fall in yuan
According to a Reuters report, the rupee performed relatively well on Wednesday as well. China’s currency yuan declined significantly during the day, which dragged down other Asian currencies and strengthened the dollar. The yuan fell by 0.4 per cent in just one day. In this way, China’s currency fell near a six-month low.
the dollar strengthened
This is the worst phase for the Indian currency ‘Rupee (INR)’. The value of Rupee (Indian Rupee Value) has decreased very rapidly during the last few times. The strength of the US dollar is mainly responsible for this. Dollar index has just jumped up to 104.51. During the month of May alone, the dollar index has gained 2.8 per cent.
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