Earlier last week, The Rupee had made a new record of 2 times all-time low. According to the Interbank Forex Exchange data, the rupee had lost 56 paise to close at 77.46 per dollar after the close of Monday’s trading session last week.
This is the worst phase going on for the Indian currency ‘The rupee (INR)’. The value of the rupee (Indian Rupee Value) has come down very fast in the last few days and it is reaching new low levels one after the other. On Tuesday, the rupee made a new record of falling even after the rise of more than 2.50 percent in the domestic stock market.
The Indian currency fell to its lowest level against the dollar in Tuesday’s trade. The condition of rupee has become so bad these days that even the efforts of the Reserve Bank (RBI) are proving to be insufficient, even after the value of the domestic currency is falling.
The rupee did not recover even with the efforts of the Reserve Bank 1
The rupee opened at 77.67 against the dollar (USD) in the trading of the Interbank Forex Exchange. In the day’s trading, it fell at one time to the level of 77.80 per dollar. This is the weakest level of the rupee so far. After this, the Reserve Bank intervened in both the spot market and futures market, so the rupee got some relief. However, even after this, it fell 25 paise to close at 77.56 in Tuesday’s trading. On Monday, the rupee stood at 77.31 against the dollar.
New record of falling continuously 1
Earlier last week, The Rupee had set a new record of all-time low 2 times. According to the Interbank Forex Exchange data, rupee had fallen 56 paise to close at 77.46 per dollar after the close of trading on Monday last week. This was the lowest level of Indian currency till then (INR All Time Low). On that day the rupee had broken the record of falling to 76.98 per dollar in March.
After this, Rupee closed at 77.50 on Thursday last week. Now Indian currency has touched a new low level.
The rupee has fallen so much in a year
Nish Bhatt, Founder & CEO of Millwood Kane International, an investment advisory company, told about this that the rupee is continuously going to new low levels. In this process, the value of rupee has fallen by about 6 percent in the last one year. Due to the strengthening of the dollar index, the clouds of crisis looming over the global economic growth are reducing the value of the rupee. Weak economic data around the world, especially in China, is strengthening the dollar index, which has just reached a nearly two-decade high. On the domestic front, the selling happening in the market is affecting the price of Rs.
After increasing the interest rate in America, it will increase further. Inflation has also increased. Looking at these reasons, we feel that for the time being the pressure on the rupee is going to remain.