The latest reports from the finance section have bought good news for the Indians: the Indian Rupee is rising after months of hardship. Experts believe that the macroeconomic indicators of India have shown significant improvement in the past few weeks.
Factors affecting the favourable rise in the Indian currency
The credit of the fact that Indian Rupee is rising can be given to various factors which include the currency swap agreement India made with Japan and end of the scuffle between RBI and the finance ministry. Also, the reports of India, along with eight other countries being likely to get a waiver from USA sanctions over Iranian oil imports have contributed to the phenomenon that the Indian Rupee is rising.
The proof to the claim that the Indian Rupee is rising came when the Rupee gained a hundred paise against the American Dollar which is its highest gain in a span of a day in the last five years. The positive effects were observed in the Bombay Stock Exchange as well as the National Stock Exchange.
These positive effects are shown by the fact that the Indian Rupee is rising resulted in lowering of the prices of the crude oil. If statistics of the oil industry are to be believed then crude oil has shown a decline of fifteen per cent in the past month with a record three per cent dip on Friday. This dip is a gigantic relief for the Indian economy.
The Modi government was accused of interfering with the workings of RBI and was threatened with having to face the consequences of doing so, which included a falling market and downhill economy. However, with the news that the Indian Rupee is rising, the Modi government has proved that whatever steps and the decision it is taking are for the betterment of the country and the general good of the people.