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US President Donald Trump's tariff escalation sent shivers across the global markets, dragging down the US dollar.
Finance Minister Nirmala Sitharaman on Tuesday asserted that the currency fluctuations have affected almost all major global economies, with the dollar index surging by 6.5% from October last year to January this year. Sitharaman highlighted this trend while responding to concerns over the recent
The currency ended the year with a sharp 3 per cent loss on significant foreign fund outflows and a strong greenback in global markets.
No, it has nothing to do with national honour.
Forex traders said the increase in capital gains tax and removal of indexation benefits announced in the FY25 Budget on Tuesday was the main reason for dollar buying as foreign investors sold stocks.
Anil Kumar alias Jayakumar broke open a house at Kavil Kadavil and decamped with dollar notes and silver jewellery on May 18.
Sustained foreign fund outflows and firm crude oil prices further dented investor sentiments, forex traders said.
The domestic currency had last closed at the 83-mark on October 19, 2021.
The Fed Chairman, Jerome Powell was quoted as saying by reports that the bank is firmly committed to lowering inflation.
Elevated crude oil prices and risk-averse sentiment among investors weighed on the local unit.
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