Rupee falls against taka

Staff Reporter :

The demand for the Indian rupee (INR) has decreased across the country, causing a 4-5 paisa drop in its value over the past week. Despite this decline, the sale of US dollars in the country’s open market remained stable on Wednesday.

Imran Gazi, a local currency dealer, noted the absence of demand for Indian rupees, attributing it to ongoing political tensions between the two countries. “There is no sale of Indian rupees at all,” he said. “Sales have dropped significantly due to the political situation, and the rupee’s price has fallen by 4 to 5 paisa in the local market.”

Currently, exchange houses are offering Tk 1.40 to Tk 1.44 per Indian rupee, down from last week’s rate of Tk 1.48 to Tk 1.50.

Globally, the Indian rupee has faced increased pressure, falling to a record low of 84.7425 against the US dollar on Tuesday, surpassing its previous all-time low of 84.7050 set on Monday. The rupee’s decline is attributed to the US dollar’s strength against major currencies and concerns over India’s slowing economic growth.

The US dollar index rose to 106.50, supported by euro weakness, while other Asian currencies also weakened. The offshore Chinese yuan hit its lowest level in a year.

On Monday, the rupee saw its biggest percentage decline in six months, dropping 0.25 percent. This continued depreciation underscores the mounting challenges facing the Indian economy amid global financial volatility.