The Indian rupee falls to more than 80 per US dollar for the first time on record, as the greenback extended its rally and foreign capital outflows intensified
Finance minister Nirmala Sitharaman blamed"global factors such as the Russia-Ukraine conflict" and soaring crude oil prices for the weakening of the Indian Rupee against the US dollar.
The rupee 80.0600 against the greenback soon after trading started, Bloomberg data showed on Tuesday. At the same time, the Indian currency has strengthened against the British pound, the Japanese yen and the euro in 2022 so far, Sitharaman added.Higher crude prices have resulted in a deteriorating trade balance in a country that imports 80 percent of its oil needs.
Consumer price inflation in India, the world's sixth-largest economy, cooled off slightly to 7.01 percent in June after hitting an eight-year high of 7.79 percent in April.
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