Rupee Hits Record Low: Rupee Weakens Against The Dollar

July 17, 2022 daknewsnetwork 273 Views 0 Comments Australia, Britain, dollar, Euro, Federal Reserve Bank of America, Foreign investors, Indian currency, JAPAN, New Zealand, New Zealand dollar, Rupee, Rupee Hits Record Low, South Africa, weakens

Rupee Hits Record Low: Rupee weakens against the dollar and reaches near 80, know what is the reason.

For some time now, the Indian currency i.e. rupee has been declining against the dollar. Last week, Thursday, the rupee crossed the level of 80 against the dollar in intra-day trading and closed at 79.99.

However, the rupee on Friday gained 17 paise to close at 79.82 against the dollar.

But not only the rupee is depreciating against the dollar, but the world’s major countries Australia, Japan, South Africa, New Zealand, Britain, and Europe are also declining.

Since January 2022, the rupee has depreciated by 7.4 percent against the dollar.

Whereas from January this year till now, 8.04 percent in the value of the Australian dollar against the American dollar.

13.4 percent in the euro, 14 percent in the pound sterling, 8.4 percent in the South African rand, 11.7 percent in the New Zealand dollar, and 20 percent in the yen. A decline of up to

The rupee had fallen by 28 percent in four months in 2013.

In 2013, the rupee depreciated 28 percent against the dollar in a four-month period from May to August.

At the beginning of May, the value of a dollar was Rs 53.65, which reached Rs 68.80 in August of the same year. In 2008, there was a fall of 28 percent in the value of the rupee from February to October.

The value of one dollar in February was Rs 39.12, which reached the level of Rs 49.96 in October.

Similarly, from August 1997 to August 1998, there was a fall of 22 percent in the value of the rupee against the dollar.

Hence the decline.

Investors are withdrawing dollars from the markets of various countries due to the increase in the interest rate by the Federal Reserve Bank of America.

When interest rates were low, foreign investors invested heavily in the markets of developing countries like India.

On the other hand, global uncertainty increased as crude oil prices rose as the Russo-Ukraine war broke out in late February this year.

In such a situation, investors became cautious and started withdrawing money from the market of developing countries like India.

From April last year to July 15 this year, foreign investors have pulled out investments worth $31.5 billion from the Indian market.