Highlights

Breached levels last seen in April 2020 at the pandemic peak
RBI current forex reserve ~ $630 billion, record high
RBI said to have sold dollars to support Rupee

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Rupee at record low! RBI lends a helping hand, reportedly sells dollars

Name: Rupee at record low! RBI lends a helping hand, reportedly sells dollars
Uploaded: 2022-03-07T12:13:31.000+05:30
Duration: T00M34S
Channel: EJ Biz Desk
Description: Rupee slumps to record low against US dollar as India faces an unprecedented crude bill, topping a $100 billion. Crude prices surged to the highest level since 2008, topping $140/bbl adding pressure on how much India will now h...

Rupee plunges vs the dollar as import bill surges

Updated: Sep 02, 2022 10:53

EJ Biz Desk

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Rupee at record low! RBI lends a helping hand, reportedly sells dollars

Rupee slumps to record low against US dollar as India faces an unprecedented crude bill, topping a $100 billion. Crude prices surged to the highest level since 2008, topping $140/bbl adding pressure on how much India will now have to pay for its oil demand.

Also read & watch: Russia-Ukraine war: Markets in a muddle, as Oil surges Gold glitters beyond 2000

Oil prices soared after the United States and European allies mull a Russian oil import ban. All eyes turned the RBI for support as a drop in the currency not only inflates the $ bill for import but also whipsaws exporters that are seeing mild recovery after the pandemic.

The RBI has over $630 billion in forex reserves right now, sources indicate that the central bank sold dollars in Monday's trade to ease the pressure on the plunging rupee.