The Indian rupee has been experiencing volatility against the US dollar, as it hits an all-time low of 84.40 and then recovers to close at 84.72. On multiple occasions, the rupee has risen and fallen against the dollar, with the latest recorded rise being 7 paise. The Reserve Bank of India chose to keep interest rates unchanged despite the fluctuations in the rupee's value.
Indian Rupee's Volatility Against US Dollar: An Analysis
Background
The Indian rupee has witnessed significant fluctuations against the US dollar in recent years. The rupee's value is heavily influenced by factors such as inflation, interest rates, foreign investment, and global economic conditions. In the past, the rupee has experienced periods of both appreciation and depreciation relative to the dollar.
Recent Volatility
In the past few months, the rupee has been particularly volatile against the dollar. It hit an all-time low of 84.40 in September 2022 due to concerns about rising inflation, a widening trade deficit, and the strengthening of the US dollar. However, the rupee has since recovered and closed at 84.72 on October 6, 2022.
Reserve Bank of India's Response
Despite the recent fluctuations in the rupee's value, the Reserve Bank of India (RBI) chose to keep interest rates unchanged at its policy meeting in September 2022. The RBI's decision was based on its assessment that inflation remained under control and that the economic growth outlook was positive.
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