New Delhi,(thestates.news) : In the Indian currency market, the rupee set a new record of decline for the second consecutive day on Friday. The Indian currency rupee today opened by falling below the level of Rs 81 against the dollar for the first time and fell within a short time to reach the level of Rs 81.23 per dollar. This is the lowest level ever for the rupee against the dollar. However, later the situation of the rupee also improved, due to which the Indian currency recovered to the level of Rs 80.85 against the dollar around noon.
In the Inter-Bank Foreign Securities Exchange, the Indian currency today started trading with a loss of 23 paise at Rs 81.09 per dollar. Due to global pressure, there was an uptrend in the demand for the dollar in the initial phase, due to which the rupee started a sharp depreciating trend. Within a short time, the Indian currency reached the level of Rs 81.23 per dollar with a historic fall.
After this strong fall in the value of the rupee, the flow of dollars started increasing in the money market. By noon, the rupee recovered 38 paise from the lower level to reach Rs 80.85 per dollar due to an increased inflow of dollars and a slight decrease in its demand. Despite this recovery, the rupee is still under constant pressure in the market, due to which there is a possibility of a fall in the Indian currency once again. Earlier on Thursday, the rupee showed strong weakness and ended trading at Rs 80.86 per dollar.
According to market expert Mayank Mohan, there has been an atmosphere of panic in the markets of most countries since the US Federal Reserve hiked interest rates. Apart from the US Federal Reserve, the Bank of England and Swiss National Bank have also increased interest rates this week to control inflation. The Bank of England has raised interest rates for the seventh time in a row. Apart from these banks, central banks of many countries have also adopted the method of increasing interest rates to control inflation, due to which there is a possibility of adverse impact on the global economy.
Mayank Mohan says that due to the panic created around the world and the fear of a global recession, most of the big investors have started trying to get their money safe by selling, due to which the demand for dollars in the currency market has increased. . The dollar index has reached a 20-year high, due to which all the currencies around the world are trading weak against the dollar. This has also affected the Indian currency rupee and it has made a new record of going down to the historical level.(HS)