Dollar - Rupee Update: Rupee closed with a historic fall against a dollar in the currency market on Monday. Due to the selling of foreign investors, the rupee depreciated by 9 paise against the dollar to close at Rs 79.98 for the first time. In the day's trading, however, the rupee had fallen to the level of 79.995 for the first time. That is, the rupee has closed very close to the gap of 80.
why rupee fell
Earlier, during today's trade, the rupee opened at Rs 79.79 in the morning. The rupee fell to the level of Rs 79.99 in the day's trade. But at the time of closing of the currency market, it closed at the level of Rs 79.98. After the inflation rate in the US reached the highest level in 41 years, it is being speculated that the Federal Reserve may increase interest rates by one percent. This is the reason why there is a fall in the rupee against the dollar. Let us tell you that on February 23, 2022, before the start of the war between Russia and Ukraine, the rupee weakened by 7.19 percent against the dollar. At the beginning of the war, the rupee was trading at Rs 74.62 against a dollar.
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Today, in a written reply to a question in the Lok Sabha, Finance Minister Nirmala Sitharaman admitted that there has been a historic fall in the rupee against the dollar. He said that the rupee has depreciated against the dollar due to the Russia-Ukraine war, rise in crude oil, and tightening of the global financial situation. The Finance Minister told the House that the Indian currency has depreciated more than the rupee against the dollar in the British Pound, Japanese Yen, and Euro. He said that the rupee has strengthened against these currencies.
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