Indian rupee on the brink of touching 80 to the dollar, hits another all-time low


The Indian rupee hit a fresh record low of 79.98 against the US dollar Monday, extending the losing run to the seventh consecutive session as the American currency continues to strengthen globally.

At the interbank foreign exchange market, the partially convertible rupee closed at 79.98 against the US dollar, which is 0.13 per cent down from its previous session’s close.

The rupee briefly hit the psychological level of 80 against the US dollar in the intra-day. The Indian currency has weakened by more than 7 per cent so far this year.

India’s Finance Minister Nirmala Sitharaman said in Parliament Monday that the main reasons for the depreciation in the value of the rupee are global factors such as soaring crude oil prices and the Russia-Ukraine conflict.

“Global factors such as the Russia-Ukraine conflict, soaring crude oil prices and tightening of global financial conditions are the major reasons for the weakening of the Indian Rupee against the US dollar,” the government said in a written reply to a starred question in the Lok Sabha, the lower house of the Indian parliament.

It added, however, that the Indian rupee has strengthened against other major global currencies.

“Currencies such as the British pound, the Japanese yen and the Euro have weakened more than the Indian rupee against the US dollar and therefore, the Indian rupee has strengthened against these currencies in 2022,” the government said.