This year a sky-high dollar has strengthened against the almost major currency of the world, with the rupee hitting rock-bottom multiple times and depleting over 7 per cent in 2022
he Indian rupee closed at 79.9212 per dollar, compared to Tuesday’s close of 79.8375. The Indian currency opened at 79.8550 and traded in the 79.8400 to 79.9437 range, Bloomberg data showed. The rupee depleted but is still in balance amidst a massive global sell-off on renewed bets for aggressive rate hikes by the European Central Bank and the US Fed which pushed the dollar to a new two-decade hike on Wednesday.
This year a sky-high dollar has strengthened against the almost major currency of the world, with the rupee hitting rock-bottom multiple times and depleting over 7 per cent in 2022. A Reuters poll of foreign exchange strategists predicted that there is more trouble ahead for the impaired rupee already near its all-time weak against the dollar, with the currency shown to remain vulnerable to a worsening trade balance.