NEW DELHI: The Indian currency climbed two paise to 69.68 rupees per dollar during inter-bank currency trading on Wednesday, on the backofness of international pressure on the US currency. The rupee stood at Rs 69.70 per dollar in the previous session. The rupee strengthened 13 paise, to 69.57 rupees per dollar, and the US currency softened against major currencies, to a day-high of 69.49 rupees per dollar.
At the same time, the US dollar enjoys a global currency status. This means that most of the goods that are exported are paid in dollars. This is the reason why the value of the rupee against the dollar shows that the Indian currency is strong or weak. The US dollar is considered a global currency because most countries in the world use it in international trade. This is easily acceptable in most places.
As per the information received from the sources, the price of the rupee depends entirely on its demand and supply. It also has an impact on imports and exports. In fact, each country has reserves of currency from other countries, making transactions. This is called foreign exchange reserves. From time to time, the data is released from the Reserve Bank. It is only with the decline and increases in the foreign exchange reserves that the currency of that country is affected.