Jul 09, 2022
The Finance Ministry Thursday pegged the
exchange rate for dollar at Rs 79.90 for calculation of import duty with effect
from July 8, as against Rs 78.95 a fortnight ago. The sharp revision is due to
depreciation of rupee against dollar following outflow of capital caused by
various external factors, including the hardening of interest rate globally.
Similarly, in case of pound sterling, the value has been fixed at Rs 96.10 as
compared to Rs 96.70 earlier, according to a finance ministry statement.
As regards euro, the conversion rate for calculating taxes on imported goods
has been fixed at Rs 82.15 as compared to Rs 83.10 on June 16, it said.
The sharp revision in exchange rates comes in the backdrop of the rupee
depreciating by 4.1 per cent against the US dollar during the current financial
year so far (up to July 5). However, it is modest relative to other EMEs and
even major advanced economies.