Rupee Vs Dollar: Rupee Plunges To A New Record Low Of Rs 81.5

Indian Rupee continued its decline to fall to yet another record low of 81.5 against the US Dollar on Monday. The Indian currency started the day at 81.54 against the US Dollar and tumbled nearly 0.7% as compared to Friday's close at 80.99. The Indian Rupee declined nearly 56 paise at 81.55 in early trade today.

Earlier on Friday Indian Rupee hit another new low when it breached the 81-mark, falling 39 paise against US Dollar for the first time. The Indian currency continues under pressure ever since the US Federal Reserve raised the benchmark interest rate by 75 bps on September 21, 2022 to tame soaring inflation.

Meanwhile, Finance Minister Nirmala Sitharaman on September 24, 2022 asserted that the Indian rupee has "held back very well" against the US dollar when compared to other currencies. Against the backdrop of the Rupee dropping to a lifetime low against the greenback, Sitharaman said the Reserve Bank and the finance ministry are keeping a very close watch on the situation, as per a PTI report.

"If any one currency which has held its own and did not get into fluctuation or volatility as much as other currencies, it is the Indian rupee. We have held back very well," Sitharaman told reporters.