Indian Rupee Recovers Slightly After Hitting Record Low Against US Dollar, Faces Pressure from Weaker Yuan
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The Indian rupee, which hit a record low against the US dollar on Friday, has shown signs of recovery. The USD/INR exchange rate is falling after gains last week, settling on Friday at 83.58 . The rupee has now recovered from its all-time low level and appreciated 29 paise to 83.32 against the US dollar in early trade on Tuesday . India's forex reserves also increased by USD 6.396 billion to USD 642.492 billion for the week ended March 15, providing a cushion for the rupee and enabling the Reserve Bank to mitigate its downside . Despite concerns about India's inflation and economic growth due to rising oil prices caused by escalating disputes in the Red Sea, the rupee is rising against the dollar .
However, the rupee may face some pressure on the back of a decline in the offshore Chinese ...
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