The rupee has gained value against the US dollar in the interbank market. It is now trading at less than Rs290, down from yesterday’s close of Rs290.86. This rise in value can be attributed to the government’s crackdown on the illegal trade of the dollar. In the open market, the rupee is also performing well, trading at Rs292 compared to yesterday’s Rs293. This marks the 16th consecutive day of appreciation for the rupee, a nearly 6% increase. Experts believe that this surge is a result of the government’s measures to address and control speculative elements that contribute to rupee depreciation. If this trend continues and the Afghan border remains closed, the rupee is expected to appreciate even further. However, for long-term stability, it is important to attract foreign direct investment into export-oriented sectors.
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