Rupee appreciates 4% against dollar in FY21 – News 24-7 Live News 24-7 Live
Rupee appreciates 4% against dollar in FY21

Rupee appreciates 4% against dollar in FY21

The rupee is expected to average around 73.50-74 in FY22, as, despite a vaccine, the COVID-19 frenzy still persists and is likely to continue to grapple the foreign exchange market.

The Indian rupee has registered more than 4% gain so far this fiscal year in the backdrop of sustained foreign fund inflows and the Reserve Bank of India’s (RBI) dexterous policy manoeuvring, which ensured a solid year for the Indian currency, despite headwinds on the economic front, according to experts.

The rupee is expected to average around 73.50-74 in FY22, as, despite a vaccine, the COVID-19 frenzy still persists and is likely to continue to grapple the foreign exchange market, experts add. FY21 has been a roller-coaster ride for the local unit due to coronavirus.

The pandemic-induced massive sell-off in the stock market led the rupee to breach a record low of 76.90.

However, the optimism over vaccines, easing of lockdown restrictions, infusion of stimulus by governments and central banks all over the world enthused investors with a general sense of optimism, and the rupee vaulted back to the 72 zone.

News Source:- Business Today

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