Rupee Crashes To New Record Closing Low Of 74.06 Against Us Dollar
The rupee’s exchange rate has fallen further. The rupee’s depreciating rupee had touched a low of 74.23 against the dollar in the previous trading on Monday. At the start of the market, the rupee depreciated by 14 paise to close at Rs. The rupee is on the rise as the rupee continues to decline.
The rupee is worth Rs. It has reached 73.76 and has fallen to the minimum. Continuing the downfall, freshly Rs. Reached 74.23. In 2018 the rupee has fallen by 14 percent. Worst Performing Currency in Asia
The main reason for rupee’s fall is the rising fuel prices. The Reserve Bank of India continues to keep policy rates fixed on a recent review of the currency.
On the other hand, the decision taken by the Central Bank of China has led to a strengthening of the dollar. China Central Bank Reserve Requirement Ration (RRR) announced a 1 percent cut in the meeting on Sunday. The country’s banking system will receive $ 109.2 billion in cash. China made this decision in the wake of trade war between the US and China. The dollar is further strengthened due to the Chinese decision.
The rupee depreciation and losses in stock markets continue to be on the rise. Foreign investors withdraw their wealth from investments after a series of losses. In the last four sessions, total FDI was withdrawn to Rs 9,300 crore. The rupee depreciated further as foreign portfolio investors withdrew their investments in large numbers.