The rupee continued to climb against the US dollar on Monday, gaining another 95 paisas in early-morning activity in the interbank market, after the government’s decision to begin removing subsidies on petroleum items, signaling a resumption of the International Monetary Fund (IMF) program.
According to reports, the rupee has risen to 198.81 versus the US dollar.
The rupee gained 0.2 percent on a weekly basis last week, but not before closing at its lowest level in history of 202.01 against the US dollar in the interbank market on May 26. (Thursday).
From Monday to Thursday, the rupee lost value, falling to as low as 202.5 in interbank trade before recovering.
The rupee rose 1.13 percent versus the dollar on Friday, marking the currency’s first rise in 16 sessions against the dollar, as the government raised petroleum product prices, signaling its determination to restart the IMF program.
Last week, the government increased the price of petrol and diesel by Rs30 per liter to meet an IMF demand for the delivery of the next $900 million tranche of the delayed $6 billion Extended Fund Facility (EFF).
To read our blog on “The rupee has finally ended a 15-day losing streak against the US dollar,” click here
