The value of the Indian rupee against the dollar is at an all-time low

Indian rupee reaches all-time weakest level. The Indian rupee depreciated by 1 paise on Monday (November 11) against the US dollar.

Due to this, the exchange rate per dollar in India has increased to 84.38 rupees. And as a result, the value of the Indian rupee against the US dollar fell to the lowest level in history.

NDTV reported this information in a report on Monday citing the Indian news agency PTI.

Earlier last Friday, the exchange rate of the Indian rupee against the US dollar fell by another 5 paise. As a result, the exchange rate per dollar in India increased to 84.37 rupees. This was the Indian rupee’s all-time low against the US dollar till Monday.

But the Indian rupee depreciated by 1 paisa against the US dollar early on Monday, which plunged the Indian currency to an all-time low of 84.38 rupees. Forex traders say that if the dollar index does not move up or down or if there is no slowdown in the flow of foreign funds, there is a risk that the rupee will remain under pressure.

Meanwhile, India’s central bank Reserve Bank of India (RBI) has sold huge amounts of foreign reserves to prevent the rupee from falling against the US dollar. But despite this, the rupee index is down.

According to Indian media, RBI has sold 2,600 million dollars to prevent the fall in the rupee against the dollar. This central bank of India started selling these dollars from the end of last September. It has been reported that the dollar has been sold in the last one month to strengthen the Indian currency.

As soon as Donald Trump was elected as the 47th president of the United States in the election held this November, the dollar started to strengthen in the world market. As a result, the value of the Indian rupee has fallen.

Incidentally, RBI, the central bank of India, can buy dollars to increase the value of the rupee and sell dollars to stop the depreciation of the rupee. Experts claim that the country’s central bank has been doing both of these things for the past few months. First, the RBI bought dollars to stop the rapid appreciation of the rupee. Later, as the price of the currency started to fall, the Reserve Bank started selling US dollars.

According to the data provided by the RBI, the Indian currency fell to 83.97 rupees against the dollar on September 10 this year. But by September 20, the price increased again to Rs 83.49. After that, when the Reserve Bank started buying dollars, India’s foreign exchange reserves started to increase rapidly.

However, despite the increase in foreign exchange reserves, the decline in the value of the rupee could not be stopped. On September 27, the Indian currency stood at 83.67 rupees against the dollar. The price fell to Rs 84.34 last Friday.

And on Monday, the first working day of the week, the exchange rate fell further and the Indian rupee reached an all-time low.