• Wednesday, August 17, 2022

Business

Indian rupee plunges to all-time low of 71 against dollar

India’s Gold Futures Amid Indian Rupee Reaches New Low of 71 Against Firm Dollar.

By: Radhakrishna N S

The Indian rupee continued its bearish trend on Friday (31) touching its all-time low of 71 against dollar recording a steep decline of 26 paise. The current downward trend in the local currency is due to persistent demand for dollar amid a hike in crude oil prices in the global market, analysts opine. At the Interbank Foreign Exchange (Forex) market, the rupee opened on a negative note at 70.95 against the dollar and moved down further to hit its lifetime low of 71 from its previous record fall of 70.74. The month-end demand for US currency from oil importers and…

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