Indian rupee hits its lowest in 20 years
New Delhi: Indian rupee is seen the weakest in 2 decades against the US dollar on the early morning of Thursday. It is reported that this could be because after US federal reserve increased its interest rates & opted for an even more aggressive policy path in the highest in the current tenure.
The internationally recognized software company, Bloomberg, reports Indian rupee at 80.4863 against 1 US Dollar. The earlier one was at 80.487, the record breaking low in more than 20 years. This currency fell behind by 42 paise which is again an all-time low of 80.38 against the Greenback.
The press trust of India reported early in the morning that Indian rupee has fallen 42 paise short which is going to have a huge impact on not only overseas market but also on domestic equities along with crude oil price hike on the local unit. This was confirmed by the forex traders.
Apart from that, an IFA global research academy told the press trust of India that, “Given the broad dollar strength, the Reserve Bank of India too may look to revise its intervention function. We are likely to see a 80.10-80.50 range on Thursday”.
The US interest rate skyrocketing has resulted in Indian rupee to see the lowest of low in 2 decades & it has resulted in shocking investors because the interest rates are continually increasing.
The US dollar recent hiked index has been reported to be increased by 0.2 per cent to a record high.
A strategist in Australian & New Zealand banking group told that, “After an initial bout of volatility in the first couple hours after the Fed hike, the market has clearly sided with the US dollar, which offers better carry and safe-haven appeal as downside US and global growth fears percolate”.
Indian rupee hits its lowest in 20 years
However, different news sources blame Russia-Ukraine war for economic oscillation. Talking about other countries economic disruptions, even the euro saw a 20-year-old lowest of $0.9807.
