Rupee hits all-time low of 80 against US dollar in early trade

Mangalore Today News Network

New Delhi, July 19, 2022: The Indian Rupee on Tuesday, July 19, sunk to a record low of 80 per US Dollar in early trade for the second day in a row, reported news agency ANI.

 

On Monday, it crossed the 80-per-dollar-mark but recovered a little to close just below 80 at 79.97.

The Union government on Monday admitted in Parliament that the value of the Indian rupee against the dollar has fallen by Rs 16.08 (25.39 per cent) in the last eight years.

The finance ministry informed Parliament that in 2014, as per the Reserve Bank of India (RBI), the exchange rate was Rs 63.33 to a dollar. By July 11, 2022, it had fallen to Rs 79.41 per dollar.

Capital outflow has been a major worry for the Indian Rupee as capital markets showed foreign investors sold shares worth Rs 1,650 crore. Over the past few weeks, Rupee has been cascading to touch new lows nearly every other day. However, the initial gains on Monday on the hopes of the Reserve bank of India intervening to support the domestic currency fell flat when it settled at a new low of Rs 79.41 per dollar.

Courtesy: India Today