Rupee Today: Rupee falls to another record low of 79.45 per dollar
The brutal fall of the rupee continued on Monday, with the currency ending another new all-time low of around 79.45 per dollar, closing sharply on the next major-psychological weakening of the 80-dollar rate, as investors The eye was domestic and US inflation data later in the week.
The rupee fell 19 paise to close at a record low of 79.45 against the US dollar, PTI reported. In the interbank forex market, the local unit opened weak against the greenback at 79.30 and saw intra-day highs of 79.24 and 79.49 lows.
After hitting a series of record levels in recent months, the rupee fell to another new intra-day lifetime weak level of 79.4388 per dollar and closed near its lifetime low of 79.44 against the greenback on Monday, according to Bloomberg. Happened.
In rupee he comes in spite of free fall Several measures of Reserve Bank of India to increase foreign exchange flow And, in turn, boosting the domestic currency against the dollar largely on increased flight-to-safety bets, driven by fears of a global recession and rising inflation.
With that weak start to the week, Rupee is now just a hope, jump and jump away from another key psychological level of 80 per dollarA dramatic collapse from about 74 it was changing hands at the beginning of the year.
The dollar’s appeal has prompted that brutal fall in the currency for foreign investors, who have stampeded on US assets at the price of nearly every other currency-denominated asset.
With the exodus of foreign investors from riskier assets like Indian equities and currency, the country’s import cover or forex reserves fell by $5.09 billion to $588.314 in the week ended July 1. This is the lowest since April last year,
The decline in the country’s import war chest has also intensified since Russia invaded Ukraine in late February, amounting to more than $40 billion.
To explain the magnitude of that decline, it would take the country more than two years to build up reserves of that amount in a normal economic environment.
The dollar boom has been massive, with Greenback yen climbs to 24-year high As global growth fears helped protect the US currency more broadly.
With the largest single pipeline carrying Russian gas in Germany closed for a planned annual maintenance for ten days, Dollar flirting with Euro parity, Investors are concerned that the war in Ukraine could extend the shutdown, further restrict European gas supplies and propel the struggling eurozone economy into recession.