The Indian rupee’s value is sinking against the USA dollar with each passing day. After hitting an all-time low of 80 rupees per one dollar, the market got a breather today as the rupee appreciated a rise by 7 paise to 79.92 against the US dollar in early trade yesterday.
The rupee opened up at 79.95 paise against the American dollar at the interbank foreign exchange. It then gained further strength to at 79.92 in early deals. As a result, it has registered a gain of 7 paise over the last close. Meanwhile, the trade experts are also predicting that the value may cross 80 in the coming days.
This is the first time in history that the value of the rupee fell to an all-time low level. According to the reports, when Atal Bihari Vajpayee became the Prime Minister in 1998, the value of one dollar was 42 rupees. When he stepped down in 2004, it was 45 rupees. When Manmohan Singh stepped down as the Prime Minister in 2014, it was 58 rupees. In the eight years of Modi’s governance, the value of one dollar raised to almost 22 rupees and now touched the 80-rupee mark.
