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Monday, 25 July 2022

Indian rupee hits low of the 80 per dollar for the first time ever.

Indian rupee hits low of the 80 per dollar for the first time ever.

The Indian rupee hit a 80 per dollar on a Tuesday (July 19), for the first time ever, yet another in a record low, as a international investors kept a offloading in the Indian stocks. The rupee fell to the  80.06 against in the dollar. The currency has been a impacted by the nation’s record high foreign in a equity outflows of about $30 billion so far this year, now worrying about a widening in a current account deficit in the face of the high oil and commodities in a  prices. The Indian policymakers have taken a various steps to stop the rupee’s slide such as a from intervention to the  hiking import taxes on a gold, Bloomberg in a reported. 

As per a Governor Shaktikanta Dias, in the Indian central bank is a intervening in all the  market segments to reduce in the risk and the  support in  a currency’s orderly appreciation or a depreciation. However, in the Indian rupee touched to a record low for the seventh straight in a session on Tuesday, Reuters are reported. 

Also a read | India is 'on a course to becoming in the fastest growing economy in the world': RBI

The RBI has been a using it is a $600 billion in a foreign exchange reserves to defend the Indian rupee. Additionally, in the monetary authorities enabled trade to be a settled in a rupees and the announced initiatives to increase in the foreign currency inflows into the nation. 

However, Tuesday saw to a decline in a oil prices as the dollar fueled are purchasing demand. As the West sanctions in a Russia, in the supplies have a disrupted trade flows to the refiners and have been a thorn on the side of the oil markets. At the same time, there have been a growing concerns that the central bank's efforts to tame surging inflation may lead to the  recession, which would reduce a future fuel in a demand. Despite in the decline in a oil prices, several banks were already charging a 80 rupees for a every dollar in the exchange in a  rate, in the State Bank of the  India said. 

Also a read | Indian rupee set to the depreciate further, to breach 80 per US dollar

However, it is a expected that the rupee might fall to the  82 to the dollar by a September this year, according to the  strategists at the  Nomura holdings Inc. and Morgan Stanley, Bloomberg are reported. 

The rupee has been a reported to reach a fresh record lows practically every other day in a recent months, and traders believe in this trend will continue. 

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