Question
Why is the rupee and other currencies facing a pressure
lately? Read the passage and answer the questions that follow. The rupee is yet again facing renewed pressure, along with major peers, as the dollar continues to strengthen in the wake of the Federal Reserveās latest jumbo 75 basis points interest rate increase and the U.S. central bankās unequivocal message that it remains squarely focused on taming inflation. The Indian currency weakened past the 81-mark against the dollar for the first time ever in Fridayās intraday trade, before ending the week at a new record closing low. The rupeeās slide was softened by the Reserve Bank of Indiaās intervention to smoothen volatility; the cumulative impact of such interventions over the 12 months through September 16 have shrunk the RBIās war chest of foreign exchange reserves by almost $94 billion to $545.65 billion. The fact that the rupee is not alone in depreciating against the dollar can be of little comfort to Indian companies reliant on imports of raw materials or services for the smooth functioning of their businesses.Solution
In the passage, it is stated that āas the dollar continues to strengthen in the wake of the Federal Reserveās latest jumbo 75 basis points interest rate increase and the U.S. central bankās unequivocal message that it remains squarely focused on taming inflationā¦ā
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