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Indian Rupee hits all-time low

The fall in the rupee’s value will make imports costlier and exports more profitable.

Photo by / Unsplash

On July 5, 2022, the Indian rupee depreciated 41 paise and reached the never-before-seen low of INR 79.26 against the US dollar. The record low on Tuesday was partly due to the broad strength of the dollar, the unceasing flow of foreign currency from India, and weak equities.

The dollar index, an index which compares the USD against six other currencies, was up 0.89 percent at 106.07. The prediction of the Federal Reserve's increasing rate hikes will lead to the further strengthening of the dollar, although the hike in import duty on gold may to some extent slow down the depreciation of the rupee as it curbs the import demand for gold.

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