Rupee reaches record high of Rs 54.34 per US dollar

The Indian economy has continuously sloped down as result of high inflation and downing the economy slope.

Today from a fresh report, the Indian rupee value has gone fall by 61 paise to Rs 54.32per US dollar. The rupee has fallen over 18 per cent from July.

According to the money lender and stock holder, it is for the first time in history that the value of rupee per dollar is going to be depreciated and reaching above at the Rs 54 per dollar mark.

The reason is the excessive demand for the American currency and appreciating of the dollar against Euro, its rivals overseas.

In their report, Forex dealers said, “In addition to continued demand for the American currency from importers and some banks, dollar gains against the Euro and other currencies amid concerns over the Euro zone debt crisis put pressure on the Indian rupee.”

Seeing the tough situation of economy, on yesterday, The RBI governor and finance minister PM Manmohan Singh had been holding a meeting on the discussion of causes of rupee’s value depreciation and searching new strategy for solving such problem.

From a source of report, there would be possibility to take some steps by the RBI like opening of a special dollar window for oil companies for immediate payments, selling part of gold holdings to increase dollar reserve.

However, some other methods to reduce the weakness of rupee are also suggested by Analysts to RBI.

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