The rupee continues to slide against the dollar. At the opening today, the rupee tumbled against the dollar and touched a low of Rs.80.05 per dollar for the first time. The signs of a weakening rupee were visible for several days but today the rupee has touched a historic low of Rs 80 per dollar which has disappointed currency traders. Along with this, this year the rupee has registered a huge decline of 7 percent
Yesterday, the trade closed at Rs 79.97 per dollar. The rupee touched a low of Rs 80.01 per dollar in early trade today, before settling at a low of Rs 80.05 per dollar. But after that it improved by 11 paise. At 9.56 am, the rupee rose by 11 paise to Rs 79.94 against the dollar.
Yesterday Union Finance Minister Nirmala Sitharaman admitted in a written reply to a question in the Lok Sabha that the rupee has experienced a historic decline against the dollar. He said that due to Russia-Ukraine war, rise in crude oil prices, tightening of global financial conditions, the rupee is weakening against the dollar.
After inflation in the US reached its highest level in 41 years, there is speculation that the Federal Reserve may raise interest rates by one percent. Due to its effect, the demand for dollar is increasing and the rupee is depreciating against it.
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