NEW DELHI: A historic fall in the Indian rupee has been recorded against the US dollar on Thursday. On Wednesday, the Indian rupee declined 22 paisa to closed at 79.98.
While the decline in the Indian currency continued on Thursday.
According to the report, the rupee has reached the level of 80.47 against the dollar.
In simple words, one can get 80.47 rupees for one dollar on the foreign exchange.
The rise in interest rates of the US Federal Reserve is believed to be responsible for the fall in the rupee.
“Given the broad dollar strength, the Reserve Bank of India too may look to revise its intervention function. We are likely to see a 80.10-80.50 range on Thursday,” IFA Global Research Academy said.
Focus will be on Bank of Japan (BoJ) and Bank of England (BoE) monetary policies, it said, adding that the BoE is expected to hike rates by 50 basis points.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.88 per cent to 111.61.
Global oil benchmark Brent crude futures rose 0.49 per cent to USD 90.27 per barrel.
On the domestic equity market front, the 30-share BSE Sensex was trading 166.77 points or 0.28 per cent down at 59,290.01, while the broader NSE Nifty fell 41.15 points or 0.23 per cent to 17,677.20.