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The fall in the value of the rupee continued for the second consecutive day and it crossed 81 for the first time

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The fall in the value of the rupee continued for the second consecutive day and it crossed 81 for the first time

Mumbai: Rupee continues its downward trend and today it crossed 81 for the first time against the dollar. The rupee fell 44 paise to cross the 81 level against the US dollar for the first time in early trade on Friday, as investors avoided risk-taking amid a firming US dollar. Forex traders said investors were reluctant to take risk as the US central banks Federal Reserve and Bank of England hiked rates to contain inflation and geopolitical tensions in Ukraine. are saved. Apart from this, the strength of the US currency in the foreign markets, the fall in the domestic stock market are also affecting the rupee.

The rupee opened at 81.08 against the dollar in the interbank foreign exchange market, then slipped further to 81.23, showing a decline of 44 paise over the previous closing price. On Thursday, the rupee had lost 83 paise to close at an all-time low of 80.79. The Federal Reserve raised its key policy interest rate to 0.75 percent, while the Bank of England also raised its prime interest rate to 2.25 percent on Thursday. Swiss National Bank has also increased the interest rate by 0.75 percent.

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dollar index strong
Meanwhile, the dollar index, reflecting the US dollar’s position against the six major currencies, rose 0.05 per cent to 111.41. This is its top level in two decades. Global oil standard Brent crude futures were down 0.57 per cent at $89.94 per barrel. Foreign institutional investors sold shares worth a net Rs 2,509.55 crore on Thursday, according to provisional stock market data.

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