Rupee plunging a new low
- June 30, 2022
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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Rupee plunging a new low
Subject :Economy
Section :External Sector
Context:
The rupee plunged to a new low past 79 against the dollar on persistent demand for the U.S. currency, from oil refiners needing to settle their rising crude import bills, and foreign portfolio investors who continue to withdraw capital from Indian equity and debt
Content:
Causes for fall of rupee:
- FPI pull out
- Strengthening of dollar
- Rising crude prices
- Deteriorating trade balance