Rupee at Record Low: The Indian currency rupee has come down to a record low today and it has broken the low of 80 against the dollar. Rupee had gone down to Rs 80.13 per dollar in early trade today. This is its lowest level ever.
At what levels did the rupee open?
Rupee has opened today with a huge fall of 19 paise. In this, it started at the level of 80.07 per dollar, thus it has opened by breaking 19 paise as its previous closing level was at Rs 79.88 per dollar. Today, concerns related to global equity are affecting the global currency as well as the Indian currency.
Why is rupee depreciating?
US Fed Chair Powell has reiterated the central bank’s unconditional commitment to combat inflation. Apart from this, the risks posed by higher prices and increased price increases have been highlighted. He says that the Federal Reserve will continue the process of increasing rates to control it. Due to this, the dollar prices are increasing and all the currencies are falling.
Heavy fall in other Asian currencies too
In other Asian currency, South Korea’s currency is down by 1.3 percent. The Thai Baht is seeing 0.8 percent lower levels. The Japanese yen is down 0.64 per cent, China’s renminbi is down 0.6 per cent, the Taiwan dollar is also down 0.6 per cent. The Indonesian rupee is showing a decline of 0.43 per cent and the Singapore dollar by 0.34 per cent.
Weakness is on. Today the Indian currency rupee is witnessing a decline of 0.25 percent.
Heavy fall in the stock market today
Today in the domestic market, the BSE Sensex has opened at 57,367 with a huge fall of 1466 points. NSE’s Nifty opened with a sharp decline of 370 points at 17,188.65.
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