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Rupee depreciates to 80 against US dollar
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IANS | 19 Jul, 2022
As predicted earlier, the Indian rupee on Tuesday crossed Rs 80 for a US
dollar. The fall in rupee's value is owing to multiple factors like
Russia-Ukraine war, outflow of foreign institutional investors and
others, said experts.
Experts also said though the rupee has depreciated against the dollar, it has appreciated against other currencies.
Global
risk aversion has led to rupee depreciation against the dollar;
however, the decline is pretty tolerable. Even though rupee touched the
psychological mark of 80 per dollar, rupee has indeed appreciated
against the majority of leading currencies like Euro, GBP and Yen, said
Aishvarya Dadheech, Fund Manager, Ambit Asset Management.
Dadheech
said, forex reserve remains at healthy levels and recent measures by
the Reserve Bank of India (RBI) will help overcome dollar shortage.
Fundamentals of Indian rupee are intact and the recent correction (due to global risk off sentiment) is an overreaction.
"We
believe INR (Indian Rupee) will remain range bound and foreign
investors will see this as an opportunity, and will be tempted to lock
in at these levels," Dadheech added.
"The major reasons for the
weakening of Indian Rupee against the US Dollar are global factors that
include Russia-Ukraine war, rising crude oil prices, tightening of
global liquidity and significant FII outflows," Arun Kumar, Head of
Research, FundsIndia.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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