Rupee Plunge: The free fall of the Indian rupee against the US dollar continues. Despite the Reserve Bank of India’s (RBI) efforts to keep the rupee above the psychological barrier of 82 against the US dollar, the Indian currency’s fate is deteriorating.
On the other hand, At 9:49 am IST, Rupee was trading at 82.24 against the US Dollar. Meanwhile, The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) increased the policy rate by 50 basis points today in an effort to further control inflation. On the other hand, The fourth rate increase in a row comes amid escalating concerns about a global economic downturn, rising inflation, and a decline in the value of the Indian rupee and bond markets. The central bank is working very hard to sustain a delicate balance between supporting the emerging economic growth recovery on the one hand and controlling inflation on the other.
Also Read: RBI MPC meet: RBI hikes repo rate by 50 basis points to 5.9%
The Indian stock markets opened in the red today after closing in the green yesterday. At 9:51 a.m. IST, the BSE Sensex was 156.67 points lower at 58,065.43, while the NSE Nifty was 44.15 points lower at 17,287.65.
#Rupee आज फिर साख गिरी।
$1 = ₹82.34#IndianRupee was 58 against $ in May 2014 when UPA was in power.
Then Vishwaguru Modi said the Government at center was corrupt 😀By that logic Current BJP Gobberment is most corrupt in Independent India 🇮🇳
Dear Modi ji, stop corruption pic.twitter.com/tbOHXAXJM5
— Anil Cherukara (@Anilcherukara) October 7, 2022
In early trade on June 13, the rupee fell 36 paise to an all-time low of 78.29 against the US dollar, tracking the strength of the American currency overseas as investors flocked to the safe-haven currency amid an overall risk-averse sentiment.
According to reports, The RBI raised the repo rate by 50 basis points to 5.9% for the fourth time in a row. The decision is being made in response to rising inflation, global headwinds, and a drop in the rupee to record lows. The repo rate is now at a three-year high.
