9/19/2023 0 Comments Dollar to rupee moneycontrol![]() "Moving ahead, we foresee the Indian rupee heading lower towards the 80-81 zone against the dollar, though the RBI is expected to proactively intervene in the markets to curb the pace of decline in the domestic currency," Sachdeva added.Īlso Read | Rupee's fall is more about strong dollar: BofA's Jayesh Mehta International factors including "heavy portfolio outflows, soaring crude oil prices, and a rising interest rate regime of the major central banks have been the key catalysts behind this recent bout of weakness in the rupee-dollar exchange rate", said Sugandha Sachdeva, vice president - commodity and currency research, Religare Broking Ltd. On a seasonally adjusted basis, the trade deficit widened to $29.9bn from $25.8bn in May. ![]() The earlier record in the trade deficit was reached this May at $24.3 billion. Record high trade deficits will be the norm now and the rupee is likely to fall to 82 against the dollar in the third quarter of 2022, analysts at Nomura have said. The country's merchandise trade deficit rose to $25.6 billion in June 2022, 62 percent higher than June 2021, as per the official data shared on July 4. The Indian diaspora in Australia has increased over the past years," he added.The slide in the value of Indian rupee versus the US dollar continued, as the former closed at 79.37 against the American currency on July 5, amid concerns of a wider current account deficit coming to the fore. "Our people-to-people contacts remain a strong pillar of our partnership. "We have progressed significantly in the areas of defence, security, investment, education, water, climate change and renewable energy, sports, science, health, culture, among others," Modi told the newspaper. He said that since his last visit the bilateral relationship has been "fundamentally transformed" by annual summits, an economic cooperation and trade agreement, and the elevation of relations to a comprehensive strategic partnership. He hoped the visit would allow both countries to identify new areas of cooperation, ranging from new technology, clean energy, critical minerals, mining, cyber space, building resilient supply chains to movement of skilled professionals, according to the interview. Australia understands India's position and it does not impact our bilateral relationship," Modi said. "An advantage of being good friends is that we can discuss freely and appreciate each other's viewpoint. He also rejected the suggestion that the bilateral relations would be harmed by India's "refusal" to criticise Russia as Australia has been high critical of the country over its war with Ukraine. Our navies are participating in joint naval exercises," he said. "The high degree of mutual trust between us has naturally translated into greater cooperation on defence and security matters. There is alignment of our strategic viewpoints," he said. "As two democracies, India and Australia have shared interests in a free, open and inclusive Indo-Pacific. ![]() He said he wants the two countries to push to realise the true potential of closer defence and security ties amid increasing defence links between the two countries recently. ![]() ![]() PM Modi arrived in Australia on Monday for the third and final leg of his three-nation tour during which he will hold talks with his Australian counterpart Anthony Albanese and attend a community event to celebrate the country's dynamic, diverse Indian diaspora. I am confident that when we are together again in Sydney, we will get the opportunity to explore how we can take our relations to the next level, identify new areas of complementariness and can expand our co-operation," he added. "I have seen that Prime Minister Albanese is the same. "I am not a person who gets satisfied easily," he was quoted by the newspaper as saying. In an interview to "The Australian" newspaper, he said he wants to take the relationship with Australia to the "next level", including closer defence and security ties to help ensure an "open and free" Indo-Pacific. Prime Minister Narendra Modi has said the Indo-Pacific region faces a number of challenges such as climate change, terrorism, security of sea lanes of communication and piracy, and asserted that India believes they can be addressed only through shared efforts. ![]()
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