July 19, 2022
On Tuesday , the rupee hit a low record of 80.05 against the US dollar in early trade.
During initial trade, the rupee opened at 80 against the dollar and then declined to 80.05, a fall of 7 paise from the last closing price.
On Monday, the currency temporarily touched the 80-mark against the dollar for the first time. However, the session ended at 79.98.
Nirmala Sitharaman, Union Finance Minister On Monday stated that the value of the rupee has disparaged by around 25% against the dollar since December 2014.
She ascribed the recent fall in the Indian rupee is the rise in prices of crude oil and the war between Russia and Ukraine.
However, Sitharaman also said that the rupee has strengthened in comparison to other major global currencies.
“Currencies such as the British pound, the Japanese yen and the Euro have weakened more than the Indian rupee against the US dollar and therefore, the Indian rupee has strengthened against these currencies in 2022,” she answered the Lower House.
As per the experts, the recent measures announced by the RBI to balance the rupee may not yield benefits immediately as long as the external environment remains hostile.
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