NEW DELHI: Rupee hit its all-time low and breached the psychological mark of 81.23 per dollar on Friday
The depreciation of the Indian rupee against the dollar continues. For the first time in early trade on Friday, weighed down by the strong US currency and risk-off sentiment among investors.
The rise in interest rates of the US Federal Reserve and central banks around the world is believed to be the reason for the fall in the rupee.
The continuous fall in the rupee is becoming a matter of concern for the Government of India.
Because the increase in interest rates around the world can have a direct impact on foreign investment coming into India. Also, India has to spend foreign exchange on oil imports as well.
The effect of the fall in the rupee is also visible on the stock market and the Sensex and Nifty are trading with a fall of about one percent.
At the interbank foreign exchange, the rupee opened at 81.08 against the greenback, then fell further to 81.23, registering a fall of 44 paise over its previous closing.
On Thursday, the rupee plunged by 83 paise — its biggest single-day loss in nearly seven months — to close at an all-time low of 80.79 against the US dollar.
Along with this, BJP is also facing criticism from the opposition parties on this issue.
Shiv Sena's Rajya Sabha MP Priyanka Chaturvedi has written in sarcastic language criticizing PM Modi - 'There is no hesitation in thanking PM Modi for this success. Thank you also to the Finance Minister of India.. soon going towards hundreds.