Tuesday, October 3, 2023

Rupee Vs Dollar: Rupee crosses 80 for the first time, has broken 25 percent since 2014

The rupee crossed the level of 80 for the first time in the trading session of July 19. It is believed that this fall in the rupee has come due to the slowdown in the global markets, rising inflation in the US, and the possibility of a rise in crude oil. prices. The rupee opened with a strength of four paise on Tuesday against the dollar.

The rupee crossed the psychological level of 80 rupees per dollar for the first time on Tuesday. The rupee has depreciated nearly seven percent during the last year.

The currency is trading at Rs 80.0175 per dollar in the opening market on Tuesday, falling from 79.9775 compared to its previous trading day on Tuesday. According to market experts, the rupee can trade in the range of 79.85 to 80.15 on Tuesday.

Let us tell you that Finance Minister Nirmala Sitharaman had said a day ago on Monday itself that since December 2014, the Indian rupee has fallen 25 percent against the US dollar.

The finance minister had also said that the reason for the rupee’s depreciation in recent days is rising crude oil prices in the international markets and the ongoing war between Russia and Ukraine since last February.

During this, the Finance Minister has also said that the British Pound, Japanese Yen, and the currency of the European Union have weakened more against the Euro dollar than the Indian currency in the last few days. The Indian currency has strengthened in comparison to the currency of these countries.

The rupee is falling due to rising inflation in America

According to market experts, investors around the world have been preferring to invest in the relatively safe US market in the last few months due to the fear of recession in the European Union markets, which is why the dollar is the currency of the European Union. And Asian countries are becoming increasingly stronger. Due to rising inflation in the US, investors there are reducing their investments from abroad and investing in the domestic market, due to which the dollar is strengthening.

Rupee may remain under pressure

According to market experts, there will be some pressure on the rupee for a few days now, but the country has very good foreign exchange reserves ($ 575 million), due to which the Reserve Bank is able to handle the situation. Hopefully soon RBI will intervene in this matter.

Rupee broke so much in a month

July 19 – 80.01 / dollar
July 14 – 79.94 / dollar
July 13 – 79.68 / dollar
July 12 – 79.65 / dollar
July 5 – 79.37 / dollar
July 1 – 79.12 / dollar
June 28 – 78.57 / dollar
June 22 -78.19 / dollar

The rupee weakens on rising in crude oil prices to $78.39 per dollar

Crude oil prices in the global market. Crude oil prices in the global market are seeing a jump of up to five percent after Saudi Arabia failed to fulfill its promise to increase crude oil production.

Read More: Indian Railways: Railways has started a new facility for the passengers, the heart will be happy to see the photo.

Due to this, the rupee is depreciating against the dollar. According to media reports, Saudi Arabia is unable to fulfill the promise made to US President Joe Biden, due to which crude oil is becoming expensive in the market. Crude oil is getting costlier, the dollar is getting stronger and the rupee is depreciating.

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