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Rupee at its weakest ever, for the first time slashed to the level of 80 rupees per dollar

By Ruchi Upadhyay 
Updated Date

Mumbai: Historic fall for the first time, The Indian rupee slashed to the level of Rs 80 per dollar on Tuesday, July 19. Rupees add to pressure on inflation. This is the all-time low of Rupees. As the rupee was witnessing a steady decline for the last few days, after that the apprehension almost turned into confidence that the rupee would cross $80. Rupee hit 6 lows in 7 sessions. Rupee’s free-fall despite RBI intervention. Indian exports get more desirable. Higher costs of imports, price could rise further.

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In the previous session, the rupee had closed at Rs 79.97 per dollar. In comparison, today it opened at a price of $ 79.98 per rupee. However, soon after that it fell to the level of Rs 80.05 per dollar. With this, the rupee is seen trading with a huge decline of 7 percent this year.

The dominance of the US dollar on the Indian currency continues to increase. In early trade on Tuesday, the rupee reached below 80, which is a record low so far. Dollar is getting the support of buyers continuously in the global forex market, due to which not only the rupee but other currencies are also under pressure.

After touching the level of 80.05, the rupee was trading at a level of Rs 79.93/94 per dollar.

During this time the US dollar was registering a little above the low level of the last one week.

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According to sources, the rupee was at 80.0163 against the greenback after opening at 79.9863, slightly lower than the intra-day record of 80.0175. Sources quoted the rupee at an all-time low of 80.05 against the US dollar in early trade, showing a strength of 7 paise from the previous close.

If we talk about the previous session, the rupee on Monday closed 16 paise lower at 79.98 against the US currency at the interbank foreign exchange market. Market sources said that the fall in the rupee was due to crude oil prices. There has been a boom in and the continuous withdrawal of foreign capital from the market has to continue.

On Friday, the rupee had gained 17 paise against the dollar to close at Rs 79.82 per dollar.

Market analysts have expected the spot price of dollar-rupee to be in the range of 79.79 and 80.20 in the short term.

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