RBI is continuously buying dollars

Oct 19, 2020
India : Preparations are still on for India to surround China. After the ban on the Chinese app, the Reserve Bank of India (RBI), the stock market regulator SEBI and the Customs Department are doing their work in different ways.

Customs is fully investigating every consignment coming from China. Not a single item is being discarded during this time.

RBI is continuously buying dollars [Image]

Consecutive dollar purchases by RBI :

According to the information, the RBI is continuously making purchases of dollars. The reasons behind this and what is the most trustworthy thing is that it may be an attempt to discourage cheap Chinese imports and to promote domestic manufacturing. The move to weaken the rupee may be part of a strategy to exert pressure on China in view of geopolitical tensions.

The rupee closed in the 73.30 to 73.50 range this week after a decent performance in the last few days. Government banks continued to buy dollars despite the global weakness in the dollar market. Despite registering gains in domestic equity and bonds markets, the rupee remained weak. Rupee can go up to 74.30 level against US dollar.


Piyush Verma

Piyush Verma

I am a Blogger and Web Designer.

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