The Reserve Bank of India (RBI) on Wednesday raised the key interest rate by 50 basis points to rein in the rise in prices that it saw continuing to hurt consumers recently.
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The rupee depreciated 14 paise to a new all-time low of 77.69 against the US dollar in the opening trade on Tuesday. At the interbank foreign exchange, the rupee opened weak at 77.67 against the American dollar, then lost further ground to quote at 77.69, registering a fall of 14 paise from the last
The reason behind the drop in value of the Rupee could be blamed on the demand for riskier assets and also because the foreign investors continue to dump the domestic stocks.
Forex traders said risk appetite has weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by global central banks.