Rupee falls 38 paise to all-time low of 82.68 against US dollar
Source: The Financial Express
Oct 15, 2022
By India Today Web Desk: As elevated crude oil prices and risk-averse sentiment among investors weighed on the local unit, the Indian rupee fell by 38 paise to an all-time low of 82.68 against the US dollar in early trade on Monday.
The Indian currency has been under pressure due to surging crude oil prices, apprehensions of more rate hikes by the US Fed and a widening trade deficit.
On the interbank foreign exchange, the rupee opened at 82.68 against the greenback.
Earlier on Friday, the rupee depreciated further by 13 paise to hit a new lifetime closing low of 82.30 against the US dollar.
The rupee has fallen close to 9 per cent against the US dollar in the current fiscal and experts say that the downward trend is likely to continue in the near term.
Meanwhile, India's forex reserves dropped by USD 4.854 billion to USD 532.664 billion as on September 30, the Reserve Bank said on Friday.