USD to Rupee: The rupee (₹) fell to a record low against the dollar ($) on December 10, a day after the appointment of a new Reserve Bank of India (RBI) governor. Sanjay Malhotra will be the 26th Governor of RBI. The Indian rupee has hit an all-time low. Financial analysts are worried about the fall of the rupee. In this situation, analysts fear that the Indian stock market will lose more foreign investors. In addition, the anticipation of the RBI lowering the repo rate in 2025 has skyrocketed.
On Monday (December 9, 2024), the Government of India announced Sanjay as the new RBI Governor. He will now take over the seat of Shaktikanta Das (Governor of the Reserve Bank of India). The rupee was expected to stay at 84.80 (EXAMPLE $1=₹84.80) against the dollar after Sanjay was announced as the central bank’s top post. But in reality it did not happen. After opening the Indian market on this day, it was seen that the price of the rupee was around 84.75 (EXAMPLE $1=₹84.75). It is reported that the price of the Indian stock market has fallen since the last session.
As the new RBI Governor, Sanjay takes over leadership on Wednesday, December 11, 2024. He currently serves as the Ministry of Finance’s secretary. He was appointed for a three-year term by the current Narendra Modi administration in India. Reducing inflation and halting the rupee’s decline against the dollar are his two main challenges. Sanjay will also need to focus on maintaining an upward GDP index and financial growth.
