Indian Rupee Falls Below 80-mark Against U.S. Dollar
19 July 2022 - 12:07PM
RTTF2
Breaching the key 80 level, the Indian rupee declined against
the U.S. dollar in the morning session on Tuesday, as Apple's plans
to slow down hiring and spending growth weighed on sentiment.
Finance Minister Nirmala Sitharaman said on Monday that the
recent decline in the rupee is due to global factors such as the
Russia-Ukraine conflict, higher oil prices and tightening of
monetary policy across the globe.
The outflow of foreign portfolio capital in the wake of the
Fed's policy tightening is also attributing a selloff in the
currency.
The Indian rupee touched 80.06 against the greenback, its lowest
level since July 14, when it fell to an all-time low. At
yesterday's trading close, the pair was quoted at 80.00.
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