Rupee Hits 80 Per Dollar for The First Time Ever

HY News 19 July, 2022 11:27 am IST

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The rupee hit 80 per dollar for the first time ever on Tuesday.

At the interbank foreign exchange, the rupee opened at 80 against the American dollar, then lost ground to quote at 80.05, registering a fall of 7 paise from the last close.

In initial trade, the local unit also touched 79.90 against the American currency.

On Monday, the rupee for the first time declined to the low level of 80 against the US dollar in intra-day spot trading before ending the session 16 paise lower at 79.98 amid a surge in crude oil prices and unrelenting foreign fund outflows.

The Reserve Bank of India has foreign-exchange reserves of almost $600 billion, which it has been deploying to protect the rupee.

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