The rupee breached the 78 against the dollar for the first time ever, after closing at its weakest level of 77.93 in the previous session. Federal Reserve tightening expectations after US inflation climbed to four-decade highs has pressured the rupee’s value.
Rupee slips 36 paise to record low of 78.29 against the US dollar in early trade on Monday. The rupee had opened at 78.20, then lost ground to quote at its record low level of 77.29 — its lowest level ever recorded. Rupee hits new record low of 78.29 against the US dollar. After closing at its weakest level of 77.93 in the previous session. Traders blame weak Asian currencies, a lacklustre trend in domestic equities and persistent foreign capital outflows for the fall.
Rupee hits new record low of 78.29 against the US dollar. After hitting 77.93 in the previous session, the rupee slipped 36 paise. Traders blame weak Asian currencies, a lacklustre trend in domestic equities and persistent foreign capital outflows for the fall.
The dollar, as a result, climbed to a near four-week high against a basket of currencies after the Fed signalled more rate hikes may be on the way.
