Indian Rupee Rises To High Levels

The Indian rupee made a drastic jump from the US Dollar. The INR has tracked a broader weakness in the greenback as well as the higher domestic equity markets. The Rupee saw a rise of a four-month high rate of 72.84 as compared to the US Dollar that closed at 73.12. The domestic stock markets continued their streak with Sensex that hit the 48,000 levels after a long time. This jump that the Indian nation rupee witnessed was surely a victory for the currency. This record-breaking jump was witnessed for the first time.

Founder and Chief Executive officer, IFA Global, Abhishek Goenka gave his opinion and said that he expects this growth to continue further. He expects that the positive momentum that the rupee saw, will continue further and will go on in the near term.

He further talked about COVID-19 and said how the pandemic has caused a lot of flutters. Due to the rapid increases in cases in the US, their currency saw a decline. The developments on the global front were not promising for them. India on the other hand was able to control it and hence saw good growth. The Covishield Vaccine and Covaxin were offered acceptance from the Drug Controller General of India and will now be used for emergency use in the country. On another note, he said that these positive developments are accompanied by the GST collections of Rs. 1.15 lakh crore in December. These encouraging developments are keeping the growth of the Indian rupee high and rising even after the festive season got over. The trade deficit came to be at $15.71 billion in December. This is the pre-COVID level that shows how domestic consumption has made progress and is recovering well.

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