US Dollar, Bitcoin soar to record highs as Trump wins Presidential election

With the USD gaining strength globally, Indian Rupee hit a new low against the dollar, and is currently trading at , INR 84.31 to one USD.

As stats reflected Donald Trump’s win in the 2024 US Presidential elections, values of the US Dollar (USD) and the cryptocurrency Bitcoin surged on Wednesday, November 6, with the USD recording the highest rise in a day, and Bitcoin recording a new all-time high.

The Republican Party posed to claim a majority in the country’s Senate and the House of Representatives, which is expected to give Donald Trump certain sweeping powers to implement policy changes in taxation, and import tariffs, which is considered a positive sign for the USD.

Indian Rupee takes a hit

With the USD gaining strength globally, Indian Rupee (INR) hit a new low against the dollar, sliding 14 paise when the trading began on Wednesday morning. The Indian Rupee is now transacting at the value of 84.31 to one USD.

The Dollar Index advanced 1.25 percent in the morning, against major currencies including Yen and Euro. The Dollar had earlier hit a four-month peak following the reports of Donald Trump winning the major swing state of Pennsylvania.

Bitcoin Peaks Again

Meanwhile, the most valued cryptocurrency, Bitcoin saw a huge surge, with its value climbing 9 percent, rising from USD 69,384 and passing USD 75,000 for the first time in history and reaching USD 75,389 and later falling back to USD 73,892 for one Bitcoin.

Donald Trump is seen as a more active supporter of cryptocurrencies than Kamala Harris.

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This will be golden age for America: Trump after declaring victory

We made history: Trump

“We made history”, Donald Trump said on Wednesday declaring victory in the presidential election, staging a comeback against all odds.

“This will truly be the golden age of America. That’s why this is a magnificent victory for the American people that will allow us to make America great again,” he said at his West Palm Beach campaign headquarters.

The Republican Leader has won 277 electoral votes (51 percent) with his Presidential opponent Kamala Harris of the Democratic party trailing behind with 224 electoral votes, winning the elections that require 270 electoral votes to claim victory.