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Replying in Rajya Sabha to a question related to the depreciation of rupee against the dollar, Union Minister of State for Finance Pankaj Choudhary has said that this year against the dollar due to Russia-Ukraine war, rise in crude oil prices and deteriorating economic conditions in the world. Rupee weakened.
The Union Minister of State for Finance has said in his reply that the exchange rate of Indian Rupee is decided on the basis of the market. The rupee has depreciated against the dollar in recent years due to several global reasons. These include the trade war between the US and China in the year 2018, raising interest rates by the US Federal Reserve in 2018 itself and the Kovid epidemic in the year 2020.
Let us tell you that on Tuesday (July 26) also there was a weakness in the rupee against the dollar. The rupee weakened by five paise to close at 79.77 against the dollar. Let us inform that on Tuesday, the rupee opened at 79.79 level. In early trade, it was seen slipping to 79.79 level.
According to market experts, due to the rise in crude oil prices and fears of tightening of US Fed’s stance, the rupee is seeing a fall in the value of the rupee.