International Desk: The Indian currency rupee has again fallen to a record against the US dollar. Because the dollar has once again risen to a 20-year high. Such volatility is seen in the currency market only after the US Reserve Bank raised interest rates. This information was given in a report of NDTV on Thursday (September 22).
According to the report, one dollar is now worth 80.4863 rupees. Earlier, the value stood at 80.4675 rupees. That is, the rupee has weakened compared to the previous session.
Currency traders said the strength of the US currency in foreign markets, muted trends in domestic equities, risks to the economy and crude oil prices weighed on the Indian rupee.
Meanwhile, the Federal Reserve Bank of the United States raised the key interest rate for the third time in a row by three-quarters or 0.75 percentage points to 3.02.5%, which is the highest since 2008.
Policymakers have indicated that interest rates could be raised further as early as 2023, much higher than forecast in June.
In such a situation, the dollar returned to its strongest position in 20 years. But not only the rupee and the dollar against the euro, the British pound is also witnessing a massive decline this month.