No let-up in Rupee depreciation; touches another lifetime low

No let-up in Rupee depreciation; touches another lifetime low

Muscat: Continuing with the depreciation, India Rupee slipped further from the past week's low and hit another lifetime low on Monday morning.

This consistent depreciation follows the ongoing strengthening of the US dollar index for a two-decade, on hopes that demand for safe-haven currency such as the dollar would pick up.

According to Bank Muscat, the exchange rate of India Rupee per Omani Rial climbed to 211.06 on Monday morning bringing a new wave of expatriates to exchange houses for remitting money.

This morning, it crossed 81.50 against the US dollar. On Friday, it closed at 81.25. Notably, last Thursday's depreciation was the biggest single-day fall for the rupee since February 24. The latest monetary policy tightening by the US Federal Reserve also lent support to the dollar, thereby weakening other major currencies globally, including India's rupee.

"The panic is created by the dollar index which witnesses strong buying as a strong hedge against interest rate hikes and inflation cycle. The rupee downtrend will continue as long as positive triggers are not witnessed from the inflation forefront. The next trigger for the rupee next week is the RBI policy which shall provide some respite to the rupee fall. Rupee range can be seen between