A group of rupees

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MUMBAI: The rupee touched an all-time low of Rs 79.03 against the US dollar in early trade on Wednesday. Globally, the rupee strengthened against the dollar as a result of a stronger dollar against other currencies, a fall in domestic capital markets and rising oil prices.

The rupee has been hitting new lows in the last few days. At the Interbank Foreign Exchange (IFEX) on Wednesday, the rupee started trading at a low of 78.86. After that, the rupee depreciated sharply during the day and touched a historic low of 79.03. The rupee had lost 46 paise to 78.83 against the dollar in the previous session on Tuesday. With the rupee depreciating sharply, economists’ predictions that it will cross ८० 80 per dollar are not far off.

Rising demand and reduced liquidity to offset global risks have given the dollar more strength and the rupee has continued to depreciate as a result. Also, the Federal Reserve will raise interest rates in the near future. This will further intensify the withdrawal of foreign funds, which will further weaken the rupee as dollar outflows increase.

6.39 per cent decline in 2022

The rupee has depreciated 1.97 per cent against the dollar in the current month. The rupee has lost 6.39 per cent since January 2022.

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