The US economy is showing signs of slowing down, with other economies - especially China and India - catching up fast. Additionally, increased trade wars and sanctions by the US have accentuated the search for a new trade mechanism other than US Dollar. Rupee is in the race to become world’s reserve currency. Watch this Visual Story to see US dollar s dominance and decline in the last 100 years.
Dollar to Rupee: After the Indonesian Rupiah, the Indian rupee was among the best-performing Emerging Markets (EM) currencies in April. Watch this Visual Story to know all about rupee appreciation, and what Uday Kotak said about rupee becoming a global currency.
FILE- In this June 15, 2018, file photo, twenty dollar bills are counted in North Andover, Mass. More than half of older taxpayers (57%) are worried they’ll have to pay
"Our currency is crashing and will soon no longer be the world standard, which will be our greatest defeat in 200 Years," Trump said while speaking at Mar-a-Lago.
Forex traders said the Dollar index gained strength after US Federal Reserve Chairman Jerome Powell reignited worries of a 50-bps rate hike in the Federal Open Market Committee (FOMC) meeting to be held on March 21-22, 2023.