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The Indian rupee dropped to an all time low of 80.05 per dollar after opening at 79.98 per US dollar on Tuesday morning against the previous close at 79.97 per dollar. Rising crude oil prices, widening trade deficit, strengthening dollar and an outflow of foreign portfolio investors have caused the rupee to drop by 7 per cent against the dollar in 2022.
On Monday, the Indian rupee had breached the 80 per dollar mark in the intra-day spot trading, according to local media reports.
The rupee declined by close to 25 per cent since December 31, 2014, said Indian finance minister Nirmala Sitharaman on the opening day of the Parliament Monsoon session. The minister cited global factors like Ukraine war, soaring crude oil prices and tightening global financial conditions as the main reasons for the decline.
She added that foreign portfolio capital is also a major reason as investors have withdrawn over $14 billion from the Indian equity markets in 2022-2023.
Fibre2Fashion News Desk (KD)
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