The Indian rupee has depreciated to a record low since the morning trade after the dollar index surged to a 20-year high and 75 basis points rate hike by the US Fed, and hint at more rate hikes in the future.
The rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time in early trade on Friday, weighed down by the strong American currency and risk-off sentiment among investors.
Forex traders said the escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite.
The rupee has never fallen so dramatically under any Prime Minister as it has under PM Narendra Modi,” K Chandrasekhar Rao, also known as KCR, was quoted as saying by a news agency.
KTR the Minister for IT and Industries also found fault with the way things are going on in the country when it comes to the financials.
