Rupee at All Time Low: Historical fall in rupee against dollar is being seen. A sharp rise in the prices of crude oil in the international market, due to the selling of foreign investors in the Indian stock market, the rupee has fallen to a level of Rs 77.81 against a dollar. Which is the lowest level of rupee against a dollar. Earlier, the lowest level of the rupee was Rs 77.79 which was seen on 17 May 2022.
Why did the rupee fall?
In fact, the price of crude oil has reached the highest level of 13 weeks. Exports from China increased in May. It is believed that China is going to relax the lockdown. At the same time, the demand for crude oil is expected to increase in America, which is why the rupee is seeing weakness against the dollar. Now talking about the closing level, on Wednesday, June 8, 2022, due to the selling of foreign investors, the rupee had fallen by 7 paise against a dollar to close at its historical low of Rs 77.73.
Will RBI intervene?
It is the responsibility of the RBI to stop the fall in the rupee. However, RBI has sold billions of dollars to prevent the rupee from falling against the dollar. But foreign investors are continuously selling investments in the Indian stock market and withdrawing investments, due to which the rupee is becoming weaker against the dollar. So far in 2022, foreign investors have withdrawn more than Rs 1.57 lakh crore from Indian markets.