On Thursday, the Indian rupee fell to 68.89113 per dollar and it’s the lowest since Independence, crossing the earlier lowest of 68.85 in August 2013. Rupee closed on 68.56 per dollar on Wednesday but the next day, its trading range was 68.81 and 68.83 per dollar.
Here’s time slot when Rupee hit the record lowest ever:-
This dip in the value of Indian rupee forced the Reserve Bank Of India to promptly intervene in the foreign exchange market to provide the much needed support.
Dollar has rallied heavily this month and there have been outflows from the emerging markets too. Both of these factors have made it difficult for the rupee to retain its position.
The demonetization has also made an effect on the value of Indian rupee and we seriously hope that the government of India takes necessary step to control the further decline of Indian rupee.
Falling rate of Indian Rupee is major concern for Government. If we look at the historical chart of last 10 years then we can notice that Dollar was trading at 45 in year 2011 and since then it is drastically falling:-
As BJP is now in power, it will be quite interesting to see how they will tackle the present situation in which the Indian rupee has touched its lowest since independence taking into consideration the fact that they used to make a lot of noise when they were in opposition.
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