Indian Rupee Continues to Fall, Registers All-Time Record Low at At 85.92 Against Dollar
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
The rupee has continued to fall in recent months and is gradually inching towards the Rs.86 mark against dollar.
The rupee continued its fall and hit a record low of 85.92 against the US Dollar on early Thursday (January 9) in a third straight session of downfall.
Earlier on Wednesday (January 8), the rupee had depreciated by 17 paise and had closed at a record low of Rs. 85.91 against the dollar, reported the Press Trust of India.
The rupee has continued to fall in recent months and is gradually inching towards the Rs.86 mark against dollar.
Two months back, by November 2024, the rupee had already fallen to Rs. 84.50.
On January 9, the 10-year US bond yields also remained elevated at 4.66 per cent amid expectations of delayed interest rate cuts by the Federal Reserve on better growth prospects of the world’s largest economy.
The dollar index too stayed elevated at 108.80.
As the rupee continues to plunge under the Prime Minister Narendra Modi-led BJP government’s tenure, It is interesting to note what Modi had said when the rupee fell during former Prime Minister Late Manmohan Singh’s tenure.
“The rupee is in the hospital and is admitted to the ICU,” Modi had said at an event in 2013.
On August 20, 2013, when the rupee had hit a then record low, Modi said, “In the last three months, even with the pace at which the rupee is falling the government is not doing anything. Once the rupee keeps falling, the world powers take full advantage of it; the government has totally failed to stop that.”
Reference Link:- https://thewire.in/economy/rupee-continues-to-fall-registers-all-time-record-low-at-at-85-92-against-dollar
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
