Rupee Slips 6 Paise to 68.95 Against Dollar

New Delhi, July 29, 2019:

As per the latest development in the Finance sector, the Indian rupee opened marginally higher against the US dollar in early trade on Thursday amid positive opening in the domestic equity market.

Reportedly, at the interbank foreign exchange, the rupee opened at 68.99, then touched a high of 68.92, at an advance of 6 paise over its previous close of 68.98 against the dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.01 per cent to 96.80.

The rupee on Friday had closed at 68.89 against the US dollar.

The exchange rate of the currency of a country in relation to the currency of another country depends on the comparative trade advantages and economic strengths of the countries.

If one US dollar is equal to 45 rupees, it simply means that in the US, if a dollar fetches 45 oranges while in India, a rupee would fetch only one orange of equivalent size and quality.

Just like any other commodity, the currency of any economy is based on dynamics of supply and demand, and its value depends on trading in currency exchanges all over the world. Higher the demand for a currency on an exchange, the stronger it becomes and vice versa. However, for currencies like INR which are not traded on exchanges, the value depends on capital inflows in the country.

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