Rupee Tumbled to 79.60 a Dollar; Lowest Figure Recorded Till Date
- Rupee falls further 15 paise to close at 79.60 for each dollar
- The Indian currency hit a lifetime low taking it one step further to the 80 mark
- Increasing global recession fears the markets around the world.
New Delhi: The Indian currency took yet another dip on Tuesday and closed at 79.60 a Dollar. The rupee recorded its lowest figure to date making investors worried about their investments. The Indian rupee was closed at 79.45 on Monday and a further decline of 15 paise made it worse. The Reserve Bank of India, however, was expected to sell dollars through state-run banks to prevent further depreciation as the world witnessed in recent years.
The Russia- Ukraine war that’s undergoing a war for the past 5 months has posed a major challenge for almost all the economies of the world with Europe at its epicentre. There was a sharp decline in the Euro price as well; it was recorded at $ 1.0001 against the US dollar which is the lowest figure in 20 years. The recession phase in the eurozone particularly has created another surge of downfall for its related countries.
With this level of worst performance, the Indian Rupee is expected to touch the 80 mark. Economists suggest that risk-off sentiment is dominating the global market in the current times and the US dollar is the go-to international reserve currency for the world.