Ahead of the restart of the International Monetary Fund’s (IMF) lending program, the rupee continued to lose a little value. In the interbank market on Friday, it fell by 0.23%, or Rs0.52, to a brand-new low of Rs229.67 against the US dollar.
The rupee has steadily lost value over the last five weeks, every day. However, the speed had remained lower than that of the most recent session.
Experts predict that the rupee will depreciate rapidly over the next few days as a result of the government’s announcement that it will adhere to all IMF criteria for the revival of its loan program.
The government must stop controlling the currency rate and instead allow market forces to set it as one of the IMF’s requirements (mostly commercial banks).
Since the rupee is currently trading at Rs229-230 in the interbank market, experts have predicted that it will rapidly depreciate to Rs250-260 against the US dollar prior to the restart of the IMF program.
Over the last three months, the value of the currency has decreased by a total of 5.2%, or Rs11.88.
