Rupee at All-time Low:
The rupee is setting a new record against the dollar every day. In the currency market on Friday, the rupee has once again fallen to its record low. The rupee opened 8 paise lower at Rs 77.82 on Friday morning. The rupee had closed at 77.74 against the dollar on Thursday.
Rupee declines against dollar
The
rupee
is depreciating due to rising crude oil prices in the international market and continued selling by foreign investors in the stock markets. The rupee continues to weaken against the dollar, especially since the war between Russia and Ukraine. The rupee has fallen to its all-time low of Rs 77.82 against the dollar as foreign investors have withdrawn their investments due to global volatility.
Before the war between Russia and Ukraine started on February 23, 2022, the rupee was at 74.62 against the dollar, which has fallen to 77.82 on June 10, 2022. The RBI has taken several new steps to stem the rupee’s decline. RBI has sold dollars. But foreign investors are constantly selling and investing in the Indian stock market, causing the rupee to weaken against the dollar.
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So far in 2022, foreign investors have withdrawn Rs 1.57 lakh crore from Indian markets. If the rupee is not restrained, then due to the fall in the rupee, inflation may hit the people further and import may become expensive, so the companies will place the burden directly on the common people. According to many experts, in the coming days, the rupee may weaken against one dollar and fall to 80 rupees per dollar.
Why did the rupee fall?
Interest rates on 10-year U.S. bonds have risen to 3 percent in anticipation of an interest rate hike by the U.S. Federal Reserve. Following this news, the rupee is weakening. On the other hand, crude oil prices have reached a 13-week high. Exports from China increased in May. It is believed that China is going to ease the lockdown. Demand for crude oil is also expected to increase in the US, which is why the rupee continues to weaken against the dollar.
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