The Indian currency plunged to record low levels against the US dollar on Monday. The rupee declined to record low level of 80 against the US dollar during intra-day trade. It then recovered some lost ground to close at 79.97 a dollar.
The local currency has now declined over 7 per cent since the start of this year. It was at Rs 78.94 per dollar as of June 30 and rapidly plunged to touch the Rs 80-mark in the next few sessions. The rupee's loss meant gains for the US dollar. A rising dollar is surely not a favorable scenario for the Indian rupee. The rupee has been staggering since the beginning of the year and has fallen 7.6 per cent so far.
The geopolitical crisis and related uncertainties in wake of the Russia-Ukraine war has added to the woes of most economies, at a time when they were looking to recover from the slump caused by the Covid-19 pandemic.
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