The battered Indian rupee will take another bruising this year, despite a recent revival, weighed down by uncertainty around national elections in May and an expected economic slowdown, a Reuters poll found.
The central bank, in April last year, had announced it was looking at issuing its own Central Bank Digital Currency (CBDC) after it tightened the noose on cryptocurrency exchanges operating in the country, forcing several of them to shut shop.
Tumbling oil prices have delivered an early Christmas present to India’s currency market, with the rally that’s put the rupee on course for its best quarter since March 2017 seen extending into the new year.
It was a volatile week for the Indian rupee. The sudden resignation of the RBI Governor, and a surprise defeat of the ruling government in State Assembly elections, kept the currency market volatile in the past week.
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