PRAVASISAMWAD.COM
The free fall of Indian currency is continuing with all-time low recorded at INR 80 per US dollar on Tuesday.
An AFP report cited Bloomberg data that showed the Indian rupee hit 80.0600 against the greenback soon after trading started, compared with the previous close of 79.9775.
“High inflation and rising interest rates in the United States coupled with fears of an impending recession in the world’s biggest economy have fuelled a broad dollar rally in recent weeks as investors turn increasingly risk-averse. Tighter US monetary policy has exacerbated outflows from emerging markets such as India, where foreign investors have withdrawn a net $30.8 billion in debt and equity this year,” the report said.
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