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    Why is Rupee Falling Against US Dollar? Will It Drop Further in FY23? Explained

     

    Why is Rupee Falling Against US Dollar? Will It Drop Further in FY23? Explained

    Dollar index, which measures American currency's strength against basket of 6 currencies, stands higher at 102.86; while crude oil is trading at $111.59/barrel.

    The Indian rupee has been weakening for quite some time and the fall continues with the domestic currency hitting its fresh all-time low of 77.72 against the US dollar on Thursday. 

    Although the rupee has gained 7 paise in the early trade on Friday, the pressure of FPI selling and the impact of tight monetary policy globally persist.

    The Rupee Fall In Recent Times

    The rupee has seen volatility in the past few months. The local currency had stood at 73.77 to a dollar on January 12, 2022, and since then it has fallen about Rs 4 and touched 77.72 on Thursday.

    However, the fall has not been continuous since January 12. First, it weakened between January 12 and 

    March 8 to hit 77.13 and then started strengthening till April 5 to touch 75.23 to a dollar. Since April 5, the rupee has seen a continuous fall and has touched all-time lows multiple times since then.


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