IANS | 19 Oct, 2022
The rupee touched a historic low of 83.18 against the dollar briefly
during intraday trading, before it closed at 82.74 on Wednesday.
However, the rupee's close of 82.74 was lower than Tuesday's close of 82.45 against the dollar.
Earlier in the day, rupee had opened at 82.37 but later fell to a record low of 83.18 against the dollar.
Analysts
have attributed rupee's fall to growing inflation concerns across the
globe which has strengthened the dollar, more so due to expectations of
hike in key rates by major central banks the world over.
With the
UK facing a 40-year high inflation, market watchers are speculating
that the Bank of England may hike rates to curb rising prices.
Falling
rupee has been a concern and Finance Minister Nirmala Sitharaman, when
asked about the dip, said last week that she saw it more as a case of
dollar strengthening rather than rupee falling.
