The Indian rupee on Thursday, 14 July, briefly touched Rs 80 mark against the US dollar.
The rupee settled at a new record low of 79.90 against the US dollar on Thursday, after declining by 9 paisa. The fall was recorded due to a firm US dollar in overseas markets and capital outflows.
However, as per forex dealers, the decline in crude oil prices in the international markets restricted the rupee losses.
The rupee had appreciated 7 paise to 79.74 against the US dollar in early trade on Thursday morning as a positive trend in domestic equities supported the local unit.
Currency depreciation is inflationary and directly reduces the purchasing power of individuals, translating into more expensive overseas holidays, higher fees for overseas education of children, and higher spending on imported goods – food, medicines, wines, cars, mobiles, laptops, etc.
(With inputs from PTI.)
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