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Rupee hits all-time low, investor sentiment dips

Thursday, September 22, 2022 • Telugu Comments
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The Rupee has hit an all-time low against the Dollar. A headline by PTI said that the Rupee today fell 42 paise to an all-time low of 80.38 against the US dollar in early trade. Reporting the same, ANI said, "Rupee hits a fresh record low, opens at 80.28 per USD versus Wednesday’s close of 79.98 USD. Touched the lowest level of 80.45 USD."

In its report, Business Line said that the depreciation happened after the US Federal Reserve's interest rate hike, following which the hawkish stance weighed on investor sentiments.

The free-fall is leading to political brickbats against the Narendra Modi government. Commenting on the issue, Dr. Shama Mohamed, the National Spokesperson of the Congress party, wrote, "The Rupee sinks to an all-time low of 80.486 against the dollar. The rupee was 58 against USD in May 2014 when UPA was in power. This is the vikas India's currency has shown in 8 years of PM Modi's governance! The strength of the Rupee depends on the Indian economy, not on fake claims."

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