New Delhi: The rupee started solidly on Monday. Today, the rupee strengthen by 6 paise, to a level of 69.41 rupees against the dollar. On Friday, the rupee closed at a level of Rs 69.47 with a weakness of 21 paise against the dollar.
With the onset of monsoon, the market has seen a hike
With this, let us dollar have a status of global currency. This means that the value of most of the things that are exported is repaid in dollars. That is why the rupee price against the dollar shows that the Indian currency is strong or weak. The US dollar is considered a global currency, as most countries in the world use the same in international trade. It is easily acceptable in most places.
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As per the information received from the sources, the price of the rupee depends entirely on the demand and supply of the same. It also affects imports and exports. In fact, every country has reserves of the currency of other countries, making transactions that deal with it. It is called the foreign exchange reserves. From time to time, the data is released on behalf of the Reserve Bank. The declining and rising foreign exchange reserves affect the currency of that country.