Rupee Almost Flat Against US Dollar

Story Highlights
  • Indian currency stood at 79.637 against 1 US Dollar.
  • A fall by 7 per cent is observed this year.
  • RBI permits invoicing and payments for Int'l trade in Rupees.

Mumbai: The Rupee fell tremendously against the US currency in the early trade today amidst a rally in the equity markets and easing retail inflation.

The currency has declined almost by 7 per cent this year, staging a recap of the selloff nearly a decade ago when the fiscal and current account deficits also widened and inflation accelerated.

The Rupee opened at 79.55 against the greenback and plunged from the tight range of 79.53 to 79.60. The domestic unit was trading at 79.58 against the greenback in early deals, registering a gain of just 1 paisa over the last close. In the previous session, the rupee had closed at an all-time low of 79.59 against the greenback.

Earlier on Monday, the RBI allowed invoicing and payments for international trade in rupees, potentially facilitating greater bilateral business with Russia which is facing colossal sanctions and is virtually cut off from standard cross-border platforms.

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