• Rupee hits all-time low of 80 against US dollar in early trade

    Business
    Rupee hits all-time low of 80 against US dollar in early trade

    The Union government on Monday admitted in Parliament that the value of the Indian rupee against the dollar has fallen by Rs 16.08 (25.39 per cent) in the last eight years.




    Digital Desk: For the second day in a row, the Indian Rupee plunged to a record low against the US Dollar in early trade on Tuesday, July 19.

    It crossed the 80-per-dollar threshold on Monday but then slightly recovered to close at 79.97, just below 80.

    In Parliament on Monday, the Union government acknowledged that over the past eight years, the Indian rupee's value has declined by Rs 16.08 (or 25.39%) in relation to the US dollar.

    According to the Reserve Bank of India (RBI), the currency rate in 2014 was Rs 63.33 to a dollar, the finance ministry informed Parliament. It had fallen to Rs 79.41 per dollar by July 11, 2022.

    The Indian Rupee has been deeply worried about capital outflow after data from the capital markets revealed that foreign investors sold shares worth Rs 1,650 crore.

    The rupee has been falling over the previous few weeks, touching new lows almost every other day. However, as it settled at a fresh low of Rs 79.41 per dollar on Monday, the initial gains made on Monday on the anticipation that the Reserve Bank of India would intervention to support the domestic currency were for vain.  

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