The Indian rupee price keeps changing according to the economic situation of a country. The elections played a huge role in the Indian economy as well. We all know that elections also impacted the share market and the rupee value. The currency appreciated by 16p after the Modi comeback became clearer. The BJP’s comeback in alliance has resulted in the stock market rallying upwards with the rupee gains. The investors have reinvested in the market after a huge fluctuation in which many people made money while many lost.
The Indian Rupee gained 16p against the dollar on Wednesday, 6 June 2024. The BJP government formation is the main reason behind the gain. The rupee which was facing a lot of volatility will now remain in a better position. It will now remain between Rs. 83.2 to Rs. 83.6. The foreign banks were selling the dollars at a high rate. There are a lot of chances that the rupee will remain in a better position after the comeback of the Modi government.
The Indian currency has seen a lot of fluctuations in the past two years. The currency fell to its lowest in 2022. After which, it also touched 83 Rs. against 1 dollar in the previous year. There are several plans made to make the rupee stronger. However, the dollar is still the dominant currency. It is a universally used currency in the global trade. Earlier, every country was allowed to print only the amount of currency equal to the amount of gold it had. However, the restrictions are now not on such levels. United States currency became stronger after World War 2.
It made a lot of exports. Thus, the US was able to make its dollars strong. The rupee gained on Wednesday but seems to be falling again on Thursday. One Indian rupee currently equals to $0.012. Thus, the weekly performance also shows the rupee ending up below the starting price. The rupee started at 0.012 dollars. However, it is currently a few points below that. The monthly performance showed several highs and gains. The monthly performance includes the currency to be achieving the high before the election results. However, the exit poll result led to a fall in the rupee.
The rupee fell strongly after the chances of Modi’s win seemed to be fading away. There was a rise after the NDA alliance was in rumours to join the BJP to form a government. The currency is performing well after the NDA chose the BJP’s Modi to be their leader and PM of India.