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Rupee Drops to Record Low as Dollar Strengthens Against Major Currencies

The rupee plunged well past 81.50 per dollar on Monday as the dollar rose sharply to multi-year highs against most major currencies amid concerns that rising borrowing costs globally could trigger a global recession. This was the third straight session that record low levels were breached.

Picture : Kumaon Jagran

According to Bloomberg, the rupee last traded at 81.5038 to the dollar, down from its Friday closing price of 80.9900, when it opened at its lowest point of 81.5225 and hit a record low of 81.5587.

In early trade, according to PTI, Rupee dropped 38 paisa to a record-low of 81.47 versus the US dollar.

Amid a liquidity deficit of more than ₹21,000 crore in the banking system, RBI will have lesser room to step in and curb rates and volatility. Despite the deficit, RBI might have used its reserves as forex storage fell by another $5.22 billion to $545.65 billion. The upcoming RBI’s monetary policy, which is due on the 30th September will be important as the announcement on the repo rate hike, cut in CRR, and changes in stance will be watchful," CR Forex Advisors said in a note.

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