Rupee hits all time low: The rupee has slipped below Rs 79 for the first time on Wednesday against the dollar. At the end of today’s trading in the currency market, there was a historic fall in the rupee and the rupee has fallen for the first time by 19 paise to close at Rs 79.04 against a dollar.
Rupee is closing at record low levels continuously for the last six days. In fact, due to the rise in crude oil prices, sharp rise in inflation and selling by foreign investors, the trend of falling rupee continues. The rupee opened at 78.86 against the dollar in the interbank currency exchange market, but then fell to a low of 79.04. The rupee has slipped more than 5.8 per cent this year. Let us tell you that before the war started on February 23, 2022, the rupee was at 74.62 against the dollar. Experts believe that the rupee can fall to the level of 80 rupees against the dollar.
In fact, due to heavy selling of foreign investors, the shortage of dollar in the currency market is increasing rapidly. While the demand for the dollar has increased. Foreign investors have withdrawn their investment of $ 28 billion in the Indian market this year. RBI had said that it is trying to meet the demand from its reserves.
At the same time, the US Fed Reserve may decide to raise interest rates again in July. Due to this fear, foreign investors are busy selling their money. However, a fall in the rupee against the dollar can increase India’s trouble because things like fuel to edible oil can become expensive.