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Indian Rupee Continues To Free Fall, Reaches Rs 72.90 Per US Dollar

JAVED SAIFI | 0
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| September 12 , 2018 , 11:39 IST

In a fresh low on Wednesday the Indian rupee reaches Rs 72.90 per US dollar. At the interbank exchange, the Indian rupee had opened with 11 paise low at Rs 72.80 per dollar in comparison to its previous close of Rs 72.69 per dollar.

With reaching Rs 72.90 per dollar in the early morning hours trade, the Indian rupee declined to an all-time low with close to reaching Rs 73 per US dollar.

According to the experts, it is claimed that the Indian rupee is declining in its value against the US dollar due to high crude oil imports cost and a strong demand for the US dollar.

Also Read: Rupee Will Not Go Into Free Fall, Says Former RBI Governor Raghuram Rajan

As the Indian rupee has been declining on a daily basis, it was said that it is needed from the Reserve Bank of India to take a note of Indian rupee free fall of which RBI has implemented a step by raising the Interest rates to control the inflation.

On Tuesday commenting on the RBI step to support the Indian rupee, former Reserve Bank of India governor Raghuram Rajan in an interview with CNBC TV18 said, “It is very important that RBI continues to signal as it has done so far on its concern about keeping inflation on track, about raising interest rate whenever appropriate, to fulfil its inflation objective that gives investors confidence that rupee is not going to go in for free fall because ultimately inflation will be in control.”

So far in 2018, the Indian rupee has declined by a 13 per cent in its value and has become a worst performing currency in Asia.