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Rupee Reaches Rs 72.66 Per US Dollar, Depreciation Of 13% In 2018

JAVED SAIFI | 0
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| September 10 , 2018 , 12:34 IST

The Indian rupee hitting a fresh low on Monday reached Rs 72.66 per US dollar amid high crude oil import costs and high US dollar demand.

At the interbank foreign exchange market, the Indian rupee opened at Rs 72.15 a dollar from its previous close of Rs 71.73.

So far in 2018, the Indian rupee has depreciated by 13 percent and crossed the mark of Rs 72 a dollar for the first time.

Opposing Prime Minister Modi-led government policies to keep the Indian rupee intact strong with other currencies, the Congress slammed PM Modi government on Monday by saying, "The  the free fall in the value of the Rupee shows that the Modi Govt has completely failed in managing the economy."

Also Read: FM Arun Jaitley Blames Constant Rupee Fall Against US Dollar To Global Situation

There were reports that the Reserve Bank of India is making efforts to keep Indian rupee under Rs 72 as Finance Minister Arun Jaitley said on September 5 that, "RBI is certainly doing whatever is necessary. I don't think there is any need for the world's fastest-growing economy to come out with panic and knee-jerk reactions."

The RBI has a number of instruments to support the Indian rupee as it can intervene in the foreign exchange markets by selling dollars. The central bank has more than $400 billion in reserves at its disposal.

The continuous rupee fall has resulted in expensive imports, and overseas education and foreign travel.