All country rupees11/21/2023 If there is a higher demand for the US Dollar, the value of the Indian rupee depreciates and vice-versa. The value of the Indian rupee to the US Dollar works on a demand and supply basis. In the meantime, as the currency volatility continues, let’s decode what this means for you:. Union Finance Minister Nirmala Sitharaman, however, recently said that the Indian currency is relatively better placed than other global currencies against the greenback. Now, this is a double whammy for the common man with the country reeling under high inflation and the prices of everyday items drastically going up. However, on Thursday, it managed to recover from its record low after gaining 13 paise to hit 78.90 against the dollar. The rupee is down nearly 6 per cent since January this year. This has sparked a debate among analysts about whether the domestic currency could see further decline amid weak fundamentals. The Indian rupee has been on a downward spiral for the last few days and on Wednesday, it hit a record low of 79.03 against the US dollar.
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