New Delhi: On Thursday, The Indian rupee has again fall and touching a new record. The rupee has reached 83.08 against the US dollar. This is the lowest level ever. Bloomberg said that after opening at 83.0925 against the dollar, the rupee is now touching a new record low of 83.1212.
New Delhi: On Thursday, The Indian rupee has again fall and touching a new record. The rupee has reached 83.08 against the US dollar. This is the lowest level ever. Bloomberg said that after opening at 83.0925 against the dollar, the rupee is now touching a new record low of 83.1212. The rupee had reached a new record low of 82 rupees 95 paise against the dollar on Wednesday.
At the interbank foreign exchange, the domestic unit opened weak at 83.05 against the dollar, then slipped further to quote 83.06, a fall of 6 paise over its previous close. The local currency also hit a high of 83.07 in early deals. Earlier, on 16 October, Union Finance Minister Nirmala Sitharaman had said that the rupee has outperformed other emerging market currencies. The minister’s remarks came days after the rupee fell to an all-time low of 82.69.
Talking about the decline of the Indian currency, Sitharaman had said that it was due to the strengthening of the dollar. He said that the rupee is not depreciating. “I will not see it as a fall in the rupee, but as a continuing strengthening of the dollar,” the finance minister said in a press briefing during her US visit.
In the domestic equity market, the 30-share BSE Sensex was trading 140.09 points or 0.24 per cent lower at 58,967.10. Similarly, the broader NSE Nifty fell 43.95 points or 0.25 per cent to 17,468.30. Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 453.91 crore on Wednesday, according to exchange data.
Sitharaman said the Reserve Bank of India (RBI) was focusing on ensuring that there is not too much volatility, and there is no market intervention to recover the value of the Indian currency.
Addressing the International Monetary Finance Committee (IMFC), Sitharaman had said, “India’s foreign exchange reserves stood at $ 537.5 billion as of 23 September 2022, which is better than other equivalent economies. The change in valuation due to the strengthening of the US dollar has contributed to two-thirds of the decline in this stock.