The greenback continued its persistent climb against the continuously declining local rupee on Wednesday, closing at Rs171.13 in interbank trade.
The US currency climbed Rs0.9 against the rupee in interbank market, which is the rate at which banks conduct dollar transactions, and finished at Rs171.13, slightly higher than yesterday’s close.
When interbank rates rise, open market foreign currency exchange (forex) rates rise as well, which are usually higher than the former anyhow.
However, stock markets throughout the world have been reporting routing as investors
Stock markets in London, Frankfurt, and Paris were all down in afternoon trading in Europe, while Asian markets finished down.
Wall Street, on the other hand, was in positive territory on the other side of the Atlantic.
worry about a developing oil crisis, surging prices, signs of a global downturn, and the end of central bank financial assistance.