Rupee's biggest 10-month depreciation against the dollar

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AHMEDABAD: The Russia-Ukraine war has sent shockwaves through stock markets around the world, including in India. As a result, the Indian rupee depreciated to its highest level in 10 months against the US dollar on Thursday.

The Indian rupee had lost 110 paise, or 1.3 per cent, to close at 5.5 against the dollar in early trade on Thursday. The Indian rupee opened at 6.5 against the dollar on Wednesday's closing level of 4.5 on Thursday and touched a high of 6.5 and a low of 6.5 during the session.

According to forex market analysts, the Indian rupee may now find some support at 7.50 as the Reserve Bank of India (RBI) may sell foreign exchange reserves against the dollar to curb the depreciation of its currency. India had foreign exchange reserves of 20.12 billion as on February 11. However, if the Indian currency comes under further pressure, it could depreciate by Rs 5 against the dollar.

There are many reasons behind the depreciation of the rupee. Factors such as the Russia-Ukraine war, the possibility of a rise in interest rates by the US Fed, a crash in the Indian stock market and the continued sell-off by foreign investors, and a surge in crude oil are to blame. Crude oil prices have jumped to 100.


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