Mumbai With the rapid fall in the value of Indian currency Rupee, a new record is being made every day. On Wednesday, the rupee set a new record. The rupee fell 61 paise to an all-time low of 83.1 against the US dollar. The decline that is happening now is leading to the formation of a new low. However, the rupee opened at 82.32 on Wednesday morning and fell by 69 paise in the day’s trading. Later it improved somewhat and it closed at a record low by falling 61 paise.
Traders say that the rupee is falling due to rising crude oil prices, US Federal Reserve raising interest rates, foreign investors withdrawing the rupee from the Indian market and the Russo-Ukraine war. The rupee has depreciated more than 10 per cent in the last two years. The rupee stood at around 73.90 against the dollar in November 2021. In July, it had crossed 80 for the first time.
However, Union Finance Minister Nirmala Sitharaman made a statement in the US on October 16 on the depreciating rupee against the dollar. Sitharaman had said that the rupee has not weakened, but the dollar is getting stronger. He also said that the rupee has outperformed other emerging market currencies. However, the Reserve Bank of India is trying its best to contain the fall in the rupee.
