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The retail e-rupee will be an electronic version of cash, and will be primarily meant for retail transactions

What is retail digital rupee?

The retail e-rupee will be an electronic version of cash, and will be primarily meant for retail transactions

The Reserve Bank of India will launch the first pilot for retail digital Rupee on December 1
A central bank digital currency is the digital form of govt issued currency
This digital rupee would be in the form of a digital token that represents legal tender
It would be issued in the same denominations that paper currency and coins are currently issued and would be distributed through banks
Also read|<a style="color: rgb(53, 152, 219);" href="https://www.editorji.com/business-news/forbes-100-indian-richest-2022-gautam-adani-bagged-top-spot-1669722989653">Forbes 100 Indian richest 2022; Gautam Adani bagged top spot</a>
Users will be able to transact with retail digital rupee through a digital wallet offered by banks and stored on mobile phones
The first pilot will be launched in Mumbai, New Delhi, Bengaluru and Bhubaneswarand later expand it to nine more cities in the initial phase

The rupee rout continues as the currency is set to decisively fall below the crucial 80 per US dollar mark in trade. The rupee on Wednesday briefly breached the 80 mark but settle to close at recor low - 4th session in a row at 79.90/$. It is not the rupee that is suffering but rather the US greenback that is gaining. The dollar dominance has been exaggerated by fast rising rates by the US Fed and the global slowdown. The result a general risk aversion and foriegn investors pulling money out of 'hot spot' markets such as India. In just this year FIIs have pulled out over $29 billion dollars from the markets, outstripping the exits during the 2008 financial crisis. But India is not alone in the losers club vs the dollar, Euro now at parity sits at a 20 year low, the Japanese yen has tumbled to its lowest level in 24 years vs the dollar. The bets however expect a little more pain as the Fed is set to tighten rates by a historic 100 bps at its July 26-27 meet pushing the dollar even higher. 

Rupee at 80, set to hit historic low today vs USD 

After 27 record lows from February, the Rupee now at the doorstep of 80/$. 

Rupee set to breach 80 vs USD today

Dollar dominance is pushing currencies from Euro, Yen to Peso to multi-year lows

The rupee rout continues as the currency is set to decisively fall below the crucial 80 per US dollar mark in trade. The rupee on Wednesday briefly breached the 80 mark but settle to close at recor low - 4th session in a row at 79.90/$.&nbsp; It is not the rupee that is suffering but rather the US greenback that is gaining. The dollar dominance has been exaggerated by fast rising rates by the US Fed and the global slowdown. The result a general risk aversion and foriegn investors pulling money out of 'hot spot' markets such as India.&nbsp; In just this year FIIs have pulled out over $29 billion dollars from the markets, outstripping the exits during the 2008 financial crisis. But India is not alone in the losers club vs the dollar, Euro now at parity sits at a 20 year low, the Japanese yen has tumbled to its lowest level in 24 years vs the dollar.&nbsp; The bets however expect a little more pain as the Fed is set to tighten rates by a historic 100 bps at its July 26-27 meet pushing the dollar even higher.&nbsp;

Rupee hit a new record low as consistent selling in the stock market kept dollar outflow pressure going. Meanwhile, a gaining greenback added downside to currencies across the globe with the Yen sliding to 28 year low.The rupee dropped to 78/$ for the first time ever but this may not be end of the pain. Bloomberg reports that top forecasters see The currency falling to between 79 to 81 per dollar over the next few months. The rupee declined about 1.6% in May, the biggest drop among emerging Asian currencies as FIIs continued to pull out money. For the year so far foreign investors have withdrawn $24 billion from Indian stock markets. Also weighing on the currency is a widening trade deficit and pressure on the fuel import bill. 

Currency collapse: Rupee sinks to record low, Yen slumps to 28-year low

The rupee dropped to 78/$ for the first time ever but this may not be the end of the pain. Forecasters see the rupee dropping to 80/$ soon. 

FIIs have withdrawn over $24 billion from Indian stock markets this year

Rupee hit a new record low as consistent selling in the stock market kept dollar outflow pressure going. Meanwhile, a gaining greenback added downside to currencies across the globe with the Yen sliding to 28 year low. The rupee dropped to 78/$ for the first time ever but this may not be end of the pain. Bloomberg&nbsp;reports that top forecasters see&nbsp;the currency falling to between 79 to 81 per dollar over the next few months.&nbsp;
Also read/watch|&nbsp;Explained: <a title="Recessions risks and why should we care about an inverted yield curve" href="https://www.editorji.com/business-news/markets/explained-recessions-risks-and-why-should-care-about-an-inverted-yield-curve-1655109834472">Recessions risks and why should we care about an inverted yield curve</a> The rupee declined about 1.6% in May, the biggest drop among emerging Asian currencies as FIIs continued to pull out money. For the year so far foreign investors have withdrawn $24 billion from Indian stock markets. Also weighing on the currency is a widening trade deficit and pressure on the fuel import bill.&nbsp;

The accused has been identified as Saddam Hussain (23), a member of Borigaon Gaon Panchayat in Abhayapuri of Bongaigaon district

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