The value of the Indian rupee is raised to 50 paise per US dollar.

The movement of the dollar and the rupee exchange rates in recent months have been quite turbulent from 75:20 in April to 72:40 in May, and are again back up to 74:90 after June.

The value of the Indian rupee is raised to 50 paise per US dollar.
Photo by rupixen.com / Unsplash

On Friday, India's currency gained 53 paise against the US dollar, bringing it close to 73.69.

This instantly reflected in the currency's exchange rate against the dirham, which was close to 20.01 due to the UAE currency's linkage to the dollar.

Recent gains from the currency are attributed in significant part to the increasing foreign exchange reserves. The Reserve Bank of India continues to grow its foreign-exchange reserves indicating its firm determination to create a larger reserve cushion to support expansionary and unorthodox monetary policy.