Rupee hits record low of 83.02 against dollar

BusinessRupee hits record low of 83.02 against dollar

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Mumbai/New Delhi: The Indian rupee has hit a record low of 83.02 against the dollar on Wednesday, indicating that major central banks may hike rates to arrest inflation, sources said.

Bloomberg showed that the rupee closed at its weakest level of 82.8938 against the dollar. It, however, opened at 82.3062.

According to sources, the rupee plunged 61 paise to dip below the 83- mark for the first time and closed at 83.01 against the dollar.

According to a few traders from private banks, the private sector enterprises made a significant demand for dollars. This was what led to the record decline of the rupee.

Reacting to further decline in value of the rupee, a Congress leader in New Delhi said, “It shows the Central Government’s economic policy has completely failed, but the ruling Bharatiya Janata Party (BJP) is not ready to accept this fact.” He also quoted what Union Finance Minister Nirmala Sitharaman said at a recent press conference in Washington DC. Sitharaman said that the rupee is not sliding but the dollar is strengthening, the Congress leader said.

He also said that it was former when present Prime Minister Narendra Modi, who had been Gujarat chief minister, severely criticised the UPA government, after the rupee slightly fell against the dollar. According to the Congress leader, Modi said the fall of the value of the rupee devalued the prestige of the country.

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