Indian Rupee Hits 80 Per Dollar First Time Ever

The rupee hit 80 per dollar for the first time ever on Tuesday, a new record low as traders focus on central bank meetings this week, especially the US Federal Reserve. The rupee dropped over 7% in 6 months. 

In January, one needed 74 rupees to get a dollar and now one has to pay Rs. 80 to equate dollar. It means more inflation, now imports get expensive. Now, the government has to pay more for imports and the prices are going to increase further.

For foreign education, one has to pay more.  The government says that this has been happening due to global factors.

The Reserve Bank of India has foreign-exchange reserves of almost $600 billion, which it has been deploying to protect the rupee. Authorities have raised duties on gold imports and raised levies on petroleum exports. 

Bloomberg quoted the rupee was last at 80.0163 against the greenback after opening at 79.9863, hitting an intra-day record low of 80.0175. PTI quoted the rupee at an all-time low of 80.05 against the US dollar in early trade, a gain of 7 paise from the previous close.