The rupee depreciated 16 paise to an all-time low of 82.33 against the U.S. dollar in early trade on October 7, 2022 as a firm American currency and risk-averse sentiment among investors weighed on the local unit. Rupee Falls to All-Time Low Against Dollar: One Dollar Now Rs 82.33.
This year, the Indian rupee has lost 10 percent of its value against the US dollar.In the Global Currency Market, the value of the Indian Rupee (Indian Rupee) has fallen to a record level against the US Dollar (US Dollar). The rupee lost 16 paise to trade at ₹ 82.33 against the US dollar on Friday morning. The main reason for this is the announcement of crude oil production cuts by OPEC countries and the expectation that the US central bank, the Federal Reserve, will continue the interest rate hike process. Rupee Falls to All-Time Low Against Dollar: One Dollar Now Rs 82.33.
India’s currency is depreciating along with the currency of other countries as many countries are ready to buy the American dollar as a safe currency in most countries of the world.
This year, the Indian rupee has lost 10 percent of its value against the US dollar. Reserve Bank of India (RBI) has decided to sell foreign reserves to maintain the value of the currency. However, it is not that beneficial.
The RBI, which had recently announced its bi-monthly monetary policy, had hiked interest rates for the fourth time in a row. With the increase in interest rates making access to credit difficult for entrepreneurs, the interest payable on the capital raised is also increasing. The gap between import and export transactions is widening and the foreign reserves are melting away as the volume of exports is decelerating.
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In addition to this, there is a dull atmosphere in the overall international economic situation and there is a fear of recession. All these factors worked behind the devaluation of India’s currency.
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