The rupee on Friday morning hit an all-time low against the dollar. On Friday, the rupee opened at 81.05 and in the initial trend it reached a record low of 81.11 On the other hand, the dollar has reached all time high of 20 years. On Thursday, the price of one dollar was Rs 80.47.
One of the major reasons for the fall in the value of rupee against the dollar is the increase in interest rates by the US Fed. On Wednesday, the US Fed raised the interest rate by 0.75 basis points to control inflation. Earlier in July also, interest rates were increased by the US Fed. It’s important to know that, in order to strengthen the Indian rupee, the central bank sold the reserves of $ 19 billion in July. But the situation hasn’t gotten much better.
An official told Reuters news agency on condition of anonymity. According to the official, “It will prove to be very helpful for the Indian economy. This will reduce imports and increase exports.” However, the Finance Ministry has not commented on this entire issue yet.
Also read: Rupee hits all-time low, weakens by 51 paise to 80.47 against dollar
Meanwhile, the dollar index, reflecting the US dollar’s position against the six major currencies, rose 0.88 per cent to 111.61. Global oil benchmark Brent crude futures were up 0.49 per cent at $90.27 per barrel. Foreign institutional investors sold shares worth a net Rs 461.04 crore on Wednesday, according to provisional stock market data.
read on app