There is a big fall in the value of rupee against the dollar, know how much it has fallen
There was a major fall in the value of rupee against the dollar on Friday. The rupee slipped 44 paise to fall below Rs 81 against the dollar. This is the first time in history that the dollar has seen this level against the rupee.
According to the report of news agency PTI, the rupee opened at 81.08 level against the dollar, soon after which the rupee slipped to the level of 81.23. This is the second day in a row when the rupee has depreciated significantly against the dollar. The rupee has depreciated by 99 paise against the dollar yesterday. Knowing the reason for this fall in the rupee, the dollar is acknowledging the rise in the index, which is trading at its 20-year high of 111.39.
Fall after interest rate hike
The major depreciation of the rupee against the dollar comes after the interest rate hike by the US as well as other major central banks of the world. The US Central Federal Reserve on Wednesday raised the interest rate by 0.75 percent to control inflation. Since then, there has been a continuous decline in the rupee. According to the report of news agency PTI, forex traders say that due to reasons like escalation of war in Russia and Ukraine, increase in interest rates by the world’s central banks to reduce inflation, the rupee may increase against the dollar. .
Big central banks are raising interest rates
The Bank of England has raised interest rates by 0.50 percent to 2.25 percent, the highest level of interest rates in 14 years, says the IFA Global Research Academy. The Swiss National Bank has increased interest rates by a record 0.75 percent to 0.5 percent. At the same time, the Bank of Japan has intervened in the forex market for the first time in the last 24 years due to the falling price of the yen against the dollar. However, they have kept the interest rates low.