Dollar Vs Rupee: Rupee breaks 90 paise for the first time and closes at all-time low of 80.86 per dollar Dollar Vs Rupee: Rupee breaks 90 paise for the first time and closes at all-time low of 80.8

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Dollar Vs Rupee: Rupee breaks 90 paise for the first time and closes at all-time low of 80.86 per dollar Dollar Vs Rupee: Rupee breaks 90 paise for the first time and closes at all-time low of 80.8


Photo:PTI Dollar Vs Rupee

Highlights

  • The dollar rose against major currencies on further escalation of geopolitical tensions
  • Like Asian currencies, rupee also at record low level
  • Even after strengthening the economy, the current trend of depreciating rupee may continue

Dollar Vs Rupee: The rupee fell by 90 paise on Thursday to its all-time low of 80.86 per dollar (tentative) as US central bank Federal Reserve raised interest rates and a clear indication of further toughening stance affected investor sentiment. closed. Forex traders said investors were hesitant to take risks as the Federal Reserve hiked rates and increased geopolitical tensions in Ukraine. At the same time, the strength of US currency in foreign markets, fall in domestic stock market and rise in crude oil prices are also affecting the rupee.

Rupee opened at 80.27

The rupee opened at 80.27 in the interbank foreign exchange market. During the day’s trading, it fell further to reach an all-time low of 80.95. It finally closed at 80.86, showing a decline of 90 paise over the previous closing price. The Federal Reserve has hiked interest rates by 0.75 percent. Forex traders say that now all the focus will be on the monetary policy of Bank of Japan and Bank of England. The dollar index, which gauges the dollar’s strength against the six major currencies, rose 0.38 per cent to 110.06.

Experts predict further breakdown

Dilip Parmar, Research Analyst, HDFC Securities, said, “Aggressive stance by the Federal Reserve and further escalation of geopolitical tensions between Russia and Ukraine led the dollar to rise against major currencies.” Like other Asian currencies, the rupee also hit record lows. reached. Parmar said, “Even if the domestic economy strengthens, the current trend of depreciating rupee may continue.” According to stock market data, foreign institutional investors sold shares worth Rs 461.04 crore on Wednesday.

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