The Finance Ministry Thursday pegged the change price for greenback at Rs 79.90 for calculation of import responsibility with impact from July 8, as towards Rs 78.95 a fortnight in the past.
The sharp revision is because of depreciation of rupee towards greenback following outflow of capital brought on by numerous exterior elements, together with the hardening of rate of interest globally.
Equally, in case of pound sterling, the worth has been fastened at Rs 96.10 as in comparison with Rs 96.70 earlier, in keeping with a finance ministry assertion.
As regards euro, the conversion price for calculating taxes on imported items has been fastened at Rs 82.15 as in comparison with Rs 83.10 on June 16, it mentioned.
The sharp revision in change charges comes within the backdrop of the rupee depreciating by 4.1 per cent towards the US greenback in the course of the present monetary yr to date (as much as July 5). Nonetheless, it’s modest relative to different EMEs and even main superior economies.
Because the warfare in Ukraine broke out in late February, RBI has expended its overseas change reserves to be able to protect the rupee from steep depreciation. Since February 25, the headline overseas change reserves have declined by USD 40.94 billion.
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