Indian Rupee at All-Time Low level today due to Strong US dollar and Crude oil price surge effect

Rupee All-Time Low Level: There has been a decline in the Indian stock market since last week and even today the stock market is in sharp decline. The rupee has also kept pace with this and has fallen to the lowest level in its history. The rupee fell by nine paise in early trade to 83.53 against the US dollar, which is its all-time low.

Why did the rupee fall historically?

Amid strong American currency and high crude oil prices, the rupee has fallen to a record low on Tuesday, breaking all its lows. Forex traders said that negative sentiment in the domestic markets and continuous selling by foreign institutional investors (FIIs) also affected investor sentiment.

What will be the effect of fall of rupee?

Purchasing of foreign goods will become expensive and the government will have to spend more for imports, due to which an adverse effect can be seen on the storage of foreign exchange reserves. Indian students are going to have to pay more for fees and other expenses abroad and this will impact the sector as well.

There was a fall in the rupee on Monday also

The rupee opened at 83.51 per dollar in the Interbank Foreign Currency Exchange market and fell to 83.53 per dollar after initial deals. This was showing a decline of nine paise from its previous closing price and was a historical low. The rupee had closed at 83.44 against the dollar on Monday.

Dollar index bullish picture

Meanwhile, the dollar index, which measures the strength of the US dollar against six major currencies, was trading at 106.34 with a rise of 0.13 per cent and is in an upward trend. Global oil benchmark Brent crude futures were trading 0.53 per cent higher at US $ 90.58 per barrel. According to stock market data, foreign institutional investors (FIIs) have sold shares worth a net Rs 3268.00 crore on Monday, after which pressure has been seen on the rupee.

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