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Rupee hits a new record low of 174.43 against US dollar

Rupee hits a record fresh low of 174.43 against the US dollar in the inter-bank market on Monday.

The rupee has maintained the downtrend for the past five months.

 

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The data released by the central bank revealed that with a fresh decline of 0.25%, the rupee has depreciated 10.72% (or Rs16.89) since the start of the current fiscal year on July 1, 2021,

While it has lost 14.55% (or Rs22.16) to date compared to the 22-month high of Rs152.27 recorded in May.

The situation is said to have been developed in the wake of mounting pressure of import payments as well as looming uncertainty regarding a delay in the International Monetary Fund’s decision regarding the resumption of the $6 billion Extended Fund Facility (EFF).

NewsDesk

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