The Indian currency, the rupee, continues to depreciate continuously. On Monday, the rupee depreciated again in the interbank currency market. Along with this, the Indian currency fell to its lifetime low. The decline comes at a time when the domestic stock market has also seen a decline in Monday’s trade.
That’s all that’s left now.
According to Interbank Money Market data, the rupee depreciated by 7 paisa in Monday’s trade. Along with this, the Indian currency fell to Rs 83.34 against the dollar. That is, now the price of one dollar has become equal to 83.34 rupees. A day ago, on Friday last week, the rupee was at 83.27 against the dollar. Thus, the price fell by 0.08 percent in Monday’s trade.
This is the lowest level in history.
Although the decline in today’s business was modest, the Indian currency fell to its all-time low, an all-time low. Earlier on November 10, the rupee had closed at the same level. The rupee fell further during trading on November 10. At one point in the day’s trading, the price was as low as 83.42.
Due to these reasons, the rupee is under pressure.
The appreciation of the dollar is not responsible for this depreciation of the rupee. The dollar index, which tracks the U.S. dollar’s strength against a basket of six major currencies, was trading down 0.42 percent at 103.48 today. This is one of the lowest levels for the dollar index since September. Crude oil is the main reason for depreciation of rupee at present. Apart from this, the demand for dollars from government banks is also responsible for the rupee’s weakness.
Stock market also affected
Other factors include declines in domestic stock markets and selling by foreign investors. On Monday, the country’s stock market has decreased for the second day in a row. Today the Sensex closed with a loss of 139.58 points and the Nifty closed with a loss of around 37 points. Earlier on Friday, the Sensex fell by 187.75 points and the Nifty by 33.40 points.
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