Global and Local Financial Waves: Trump Returns, Rupee Dips, RBI Pulls Rs 2000 Note

?? Elon Musk’s Influence Grows with Trump’s Presidential Win

In a surprising comeback, Donald Trump has won back the U.S. presidency, narrowly defeating Kamala Harris. Early polls showed Harris in the lead, but Trump managed to rally young voters with strong support from Elon Musk. Musk joined Trump on the campaign trail, bringing a high level of energy with appearances, speeches, and even dancing on stage. This alliance has many seeing Musk, already the world’s richest person, as one of the most influential individuals globally. Since Trump’s victory, shares in Musk’s companies have surged, underscoring his growing impact.

?? Indian Rupee Hits Record Low Amid Trump’s Economic Outlook

Following Trump’s victory, the Indian rupee dropped to a historic low, hitting 84.2950 against the dollar on Thursday, down from the previous record of 84.28 set on Wednesday. Analysts attribute this decline to expectations that Trump’s policies—such as tax cuts and deregulation—will likely stimulate U.S. economic growth, making the dollar more attractive to investors. Additionally, Trump’s tariff policies are expected to apply pressure on other currencies, including the euro and those in Asia, creating challenges for the rupee in the coming months.

?? End of an Era: 98% of Rs 2000 Notes Returned to Banks

The Reserve Bank of India (RBI) recently announced that 98.04% of Rs 2000 banknotes have been returned to banks, leaving just Rs 6,970 crore in circulation. This follows the RBI’s May 2023 decision to phase out the Rs 2000 denomination. Originally totaling Rs 3.56 lakh crore, these notes have mostly returned to the banking system, and as of October 7, banks stopped accepting them for deposits or exchange. However, RBI’s 19 issue offices are still accepting them, and people can also send these notes via India Post to any RBI office for bank deposits. This move signals the close of a significant chapter in India’s currency history.

Weekly Market Moves ??

This week, the Sensex have Increased by 0.65%, from 78,972.69 to 79,486.32 while the Nifty 50 increased by 0.21 %, from 24,073.75 to 24,148.20.