Rupee Settles at 79.98/Dollar; Just a Whisker Away

Story Highlights
  • Rupee briefly hits 80 a Dollar as the trade closes
  • The course on Monday began with a sharp rise registering a plunge and ascend at the end.
  • Sitharaman appreciated domestic currency growth against other foreign cash.

Mumbai: Reversing sharp gains in the early trade on Monday, the Rupee plunged to all-time and finally neared Rs 80 against the greenback currency, an official said. According to a renowned source of media, the Indian currency closed just below 79.98.

Opening at high gains, the domestic currency lost some grounds and recovered registering a fall of 15 paise over its previous close of 79.82 against the greenback.

Meanwhile, Finance minister Nirmala Sitharaman acknowledged in Parliament today that the Indian rupee has fallen to a record low in comparison to the U.S. dollar during the month of June 2022. The rupee is at the lowest level of ₹79.97 against the U.S. dollar currently. 

While answering a question by members Deepak Baij and Vijaykumar (Alias) Vijay Vasanth, the FM stated that global factors like the Russia-Ukraine conflict, soaring crude oil prices and the tightening of global financial conditions are the major reasons for the weakening of the Indian rupee against the U.S. dollar.

She further asserted that other currencies such as the British pound, the Japanese yen and the Euro have weakened more than the Indian rupee against the U.S. dollar and therefore, the Indian rupee has strengthened against these currencies in 2022.

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