Rupee weakens to record new low against dollar

Rupee dropped to historic level on Friday, against the US dollar and then started doing better business. Today, Rupee reached Rs 69.12 against a dollar and then went back to less than 69 rupees. Earlier on Thursday, the rupee also closed 43 paise down at 69.05. The rupee fell as dollar reached 1 year high record after encouraging comment by the US Federal Reserve Chairma. This was the biggest drop since May 29 in a single day. Earlier, on June 28, the rupee went up to the lowest level of Rs 69.10.
In the interbank foreign exchange market, the rupee was at 68.72 on Thursday, with the fall in between the demand for banks and importers of the US currency in early trading. Later, it went up to 69.07. In the end, it closed 43 paise or 0.63 percent at 69.05. According to traders, the declaration of the Chairman of the Federal Reserve Bank of America and the declaration of non-confidence in the House had led to a decline in the rupee.
Federal Reserve Chairman Jerome Powell has said that the US economy is strengthened in a statement given to the US Parliament. This has made the possibility of an increase in interest rates. However, they have indicated a gradual rise in it.