Indian rupee hits record low ever, falls by 42 paise against US dollar

There has been a big fall in the Indian rupee. In today's opening trade, the rupee has fallen 42 paise to the lowest level of 80.38 against the US dollar. On Wednesday, September 21, the Indian rupee had closed at the level of 79.9750 against the US dollar. The rupee opened at 79.79 against the dollar on Wednesday and saw a steady decline during the day's trading.

Rupee falls 42 paise to all-time low of 80.38 against US dollar in early trade

— Press Trust of India (@PTI_News) September 22, 2022

On Wednesday, the dollar index reached a two-decade high of 110.87. However, it is very unlikely that the US Federal Reserve will increase interest rates by 100 basis points to control inflation.

Forex traders said the strengthening of the US dollar in the overseas markets and the fall in the domestic equity market had an impact on the local currency. Apart from this, firming crude oil prices and risk-taking tendency of investors also affected the rupee.