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While Rupee Rises To A Three Month High, Petrol Prices Fall To A Three Month Low
PM Modi with FM Arun Jaitley. (Virendra Singh Gosain/Hindustan Times via Getty Images)
The rupee gained 29 paise against the US dollar today (20 November) and is now trading at a three-month high, as reported by Financial Express. This comes after the successful conclusion of the RBI-Government meeting on 19 November in which both the parties found the middle path to sort out differences on contentious issues.
Investors reposed confidence in the strength of India’s national currency after the country’s central bank, the Reserve Bank of India (RBI), decided to infuse Rs. 8,000 crores liquidity into the banking system. This had been one of the key demands of the government since the near-default of IL&FS had created a tight liquidity situation in the country.
The gain of Tuesday (20 November) continued the consecutive five-day gaining streak by rupee against the dollar. In the recent months, the rupee’s health deteriorated steadily due to India’s rising CAD (Current Account Deficit) on account of high oil prices and negative investor sentiment following the alleged feud between the government and the RBI.
Petrol prices in the country have also fallen to their lowest levels in the past three months, and diesel prices are at a two-month low. Though the central government took certain steps like cutting excise duties on fuel and asking state governments to cut VAT too, it was the falling international prices that helped ease the rates.
Also Read: Why The RBI Had To Blink
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