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Rupee hits all-time low at 81.65 as US dollar index surges

Other currencies like Sterling, Australian dollar, Canadian dollar and Euro too have crashed to record low against the greenback over speculations of a global recession and uncertainty of Ukraine invasion. The hawkish Fed action of cutting rates has also hit the yuan and the yen, which are falling.

MUMBAI, Sept 27: The Indian currency, rupee has fallen sharply against the US dollar. It crashed by 0.68% to hit an all-time low of 81.65 against the greenback, on Monday. The depreciation followed a surge in US bond yields and the US dollar index, strengthening the American currency.

The situation has been worsened by a huge increase in crude oil prices following the Ukraine invasion that has inflated the import bills leading to a widening trade deficit. When the dollar strengthens against the rupee, importers will have to pay more in terms of dollar. This scenario is coupled with the US Federal Reserve, the Central bank of the US, raising its lending rates to tame inflation. Therefore, the rupee is likely to lose value steadily over the months.

The US Fed raised rates by 75 bps recently and it may raise it further by 75 bps in November and 50 bps in December.

The Reserve Bank of India is suspected to have sold dollars via State-run banks to avert a larger decline in the rupee, reported Economic Times.

Following tax cuts by the UK Government, Sterling slumped 4.9% against the dollar to an all-time low of $1.0327. The Australian dollar has slipped to $0.6487, its lowest since May 2020. The Canadian dollar also crashed to C $1.3625 per greenback. The euro was at a 20-year low at $0.9528.

India's forex reserves have declined $5.219 billion to $545.652 billion a week ago.

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