Rupee Crosses 81 For The First Time, Lowest Level Ever Against Dollar; Fall For The Second Consecutive Day

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New Delhi, 23rd September 2022: The rupee has seen a fall for the second consecutive day. With this, the rupee has hit an all-time low against the dollar. On Friday (September 23), the rupee fell by 41 paise to hit an all-time low of 81.20 against the dollar. The fall in the rupee was driven by US Treasury yields hitting several-year highs and higher dollar demand from importers. On Thursday (September 22), the Rupee had lost its biggest single-session percentage fall since February. On Thursday, the rupee depreciated by 99 paise against the dollar.

The US dollar index remains above the 111 range. At the same time, US bond yields jumped 4.1%. Traders said that due to non-aggressive intervention from the Reserve Bank of India (RBI) and the rating outlook of the US Federal Reserve, the rupee has seen a fall. The 10-year US Treasury yield has jumped 3.70 per cent and the two-year Treasury yield has risen by 4.16 per cent.

On Thursday, the rupee closed at a record low of Rs 80.86 against the US dollar. The rupee stood at 79.97 on Wednesday. The dollar index remained almost flat at 111.35 on Friday, close to its two-decade high of 111.81. The dollar index reached this level on Thursday.

On Thursday, in Asian currencies, the rupee was among the most depreciating currencies. Analysts say that the rupee may see further depreciation. CR Forex Advisors has said in a note that the rupee may test new lows in the short term. They believe that the rupee can go from 81.80 to Rs 82 in the coming time.