The Indian currency is currently in a constant decline and today one dollar hit a 22-year high of 81.30 Indian rupees.
The Indian rupee has experienced a historic decline in value against the dollar. Similarly, the pound also hit the Indian rupee at 114.50 rupees.
Indian media say that the record depreciation of the rupee will make imports of crude oil and other commodities more expensive, which will further increase inflation. Inflation is already above 6 percent. In such a situation, the difficulties of the common people may increase in the coming days.
The Indian Rupee is under increasing pressure due to repeated interest rate hikes by the US Federal Reserve, a widening trade deficit and foreign currency outflows, which are expected to further weaken the rupee.
RBI’s Monetary Policy Committee (MPC) will announce the bi-monthly monetary policy later this week. In such a situation, he may announce a 0.50 percent increase in the repo rate to reduce inflationary pressure.
According to the British news agency Reuters, the dollar reached around 81.30 Indian rupees on Monday, compared with 80.9900 Indian rupees earlier.
According to traders, the Indian rupee hit a record low of 81.2250 against the dollar on Friday, prompting the Reserve Bank of India (RBI) to sell dollars. Due to RBI’s intervention, there was some improvement in the value of the rupee.