The Global Kashmir
No Result
View All Result
  • Home
  • News
    • Kashmir
    • Jammu
  • National
  • World
  • Business
  • Editorial
  • Health
  • Opinion
  • Sports
  • Tech
  • E-Paper
en English
ar Arabiczh-CN Chinese (Simplified)en Englishru Russianes Spanishur Urdu
No Result
View All Result
  • Home
  • News
    • Kashmir
    • Jammu
  • National
  • World
  • Business
  • Editorial
  • Health
  • Opinion
  • Sports
  • Tech
  • E-Paper
No Result
View All Result
The Global Kashmir
No Result
View All Result
IMG 20220923 105224

Rupee breaches 81 mark for a new lifetime low

News Desk by News Desk
September 23, 2022
Reading Time: 2 mins read
0
4
VIEWS
Share on Facebook

Rupee tasted yet another lifetime low on Friday morning after the US dollar index strengthened to a two-decade high this week, on hopes that demand for safe-haven currency such as the dollar would pick up.

READ ALSO

Disqualified From Lok Sabha As PM Scared Of My Next Speech On Adani Issue: Rahul Gandhi

No Judge Ordered Jail Term For BJP Leaders For Insulting My Family: Priyanka Gandhi

PM Narendra Modi inaugurates free-of-cost medical college & hospital in Karnataka

This morning, the Rupee opened 25 paise lower from the previous session to touch a record low of 81.09 versus the US dollar, against Thursday’s close of 80.86. Yesterday’s depreciation was the biggest single-day fall for the rupee since February 24. The US Federal Reserve had raised the repo rate by 75 basis points — which is the third consecutive hike of the same magnitude, in line with expectations, which essentially means that investors will move towards the US markets for better and stable returns amid the monetary policy tightening.

The Fed also hinted that more rate hikes were coming and that these rates would stay elevated until 2024.

 

The US central bank seeks to achieve maximum employment and inflation at the rate of 2 per cent over the long run and it anticipates that the ongoing hikes in the target range will be appropriate. Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline.

 

Consumer inflation in the US though declined marginally in August to 8.3 per cent from 8.5 per cent in July but is way above the 2 per cent goal.

ADVERTISEMENT

Swastika Investmart, Research Head, Santosh Meena said it was apparent from the recent action and commentary of the US Federal Reserve that it was still far away from the end of the rate hike cycle, adding he reckons that the rupee is expected to remain under pressure despite the improvement in domestic economic prospects.

 

Meanwhile, India’s forex reserves are at a two-year low. The reserves have dropped by almost USD 80 billion since the escalation of the Russia-Ukraine tensions into war earlier this year

 

India’s forex reserves have been consistently depleting for the past few months, on account of RBI’s likely intervention in the market to defend the depreciating rupee.

 

Typically, the RBI intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.

A depreciation in the rupee typically makes imported items costlier.

“The Dollar Index may continue with its positive bias as the US Fed decided to raise interest rate by 75 bps, for a third consecutive month and signalled that it would continue to lift rates this year at a most rapid pace to combat inflation, which is running hot,” said ICICI Securities.

ShareTweetSendSharePinShare
ADVERTISEMENT
Previous Post

Mainly clear weather likely to continue in J&K during next 24 hours: MeT

Next Post

Instagram down across globe, netizens flood Twitter with hilarious memes

RelatedPosts

Disqualified From Lok Sabha As PM Scared Of My Next Speech On Adani Issue: Rahul Gandhi

Disqualified From Lok Sabha As PM Scared Of My Next Speech On Adani Issue: Rahul Gandhi

March 25, 2023
No Judge Ordered Jail Term For BJP Leaders For Insulting My Family: Priyanka Gandhi

No Judge Ordered Jail Term For BJP Leaders For Insulting My Family: Priyanka Gandhi

March 25, 2023
PM Narendra Modi inaugurates free-of-cost medical college & hospital in Karnataka

PM Narendra Modi inaugurates free-of-cost medical college & hospital in Karnataka

March 25, 2023

Gujarat CMO official resigns after son’s name crops up in ‘conman’ Kiran Patel case

Victory Over Left-Wing Extremism Looks Imminent, Says Amit Shah; Lauds CRPF’s Role In Tackling Naxalism

DA For Central Govt Employees Hiked By 4%

Drug control not just Centre’s fight: Amit Shah

NIA chargesheets gangsters Lawrence Bishnoi, Goldy Brar, 12 others

Govt to introduce GPS-based toll system in six months to replace toll plazas

Next Post
Instagram down across globe, netizens flood Twitter with hilarious memes

Instagram down across globe, netizens flood Twitter with hilarious memes

National Games 2022 (Table Tennis): Top seeds Sathiyam, Sharath, Batra advance

National Games 2022 (Table Tennis): Top seeds Sathiyam, Sharath, Batra advance

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

Company Info

Address: F11 silk factory road Tulsibagh, Srinagar
Phone : 9797970347.
Email : [email protected]
Owner, printer, publisher Editor : Suhail Yousuf Shah
Legal advisor : Advocate Umar Mushtaq
Printed at : LUBAAB PUBLICATIONS LAWAYPORA SRINAGAR
Published from : Green house Soitang, Srinagar, Kashmir.
RNI No : JKENG/2011/38364
Office No's :
Postal Regd No : JKNP 160 / SKGPO 2012 - 2014

About

The Global Kashmir was founded in Srinagar, with a vision to promote positive news from the Kashmir valley and across the globe. Covering first hand, all categories of news from different corners of Jammu and Kashmir as well as relevant national and international news stories. Global Kashmir is dedicated to providing unbiased stories that are yet to be told...

News By Topic

Company Info

  • Contact Us
  • About

© 2022 - Global Kashmir

No Result
View All Result
  • Home
  • News
    • Kashmir
    • Jammu
  • National
  • World
  • Business
  • Editorial
  • Health
  • Opinion
  • Sports
  • Tech
  • E-Paper

© 2022 - Global Kashmir