Rupee falls to all time low of ₹77.93 against U.S. dollar
2 years, 6 months ago

Rupee falls to all time low of ₹77.93 against U.S. dollar

The Hindu  

The Indian rupee on Friday hit a record low against the U.S. dollar following flight of capital on account of Foreign Portfolio Investors pulling out of the equity market and likely outflow of dollar to pay for rising oil prices. At the inter-bank exchange, the Indian Rupee dipped 19 paise to 77.93 against the dollar compared with its previous close of 77.74 on Thursday, which was the previous record low. “The rupee has slumped to a new record low after a prolonged phase of consolidation as risk sentiments have soured amid concerns about acute price pressures and the re-imposition of some lockdown restrictions in China,” said Sugandha Sachdeva, vice president - Commodity and Currency Research, Religare Broking Ltd. She said the rise in crude prices towards three-month highs owing to supply tightness was further accentuating inflation concerns and inflicting damage on the global economy, which was already strained by the monetary policy tightening path of major central banks and the Russia-Ukraine crisis. According to Ravi Singh, vice president & head of Research, Share India, a firmer U.S. dollar and market liquidity had induced rupee volatility and weakness.

History of this topic

India’s forex reserves drop $2 bn to $653 bn in December; RBI estimates 11-months of import amid multi-month low
2 hours, 12 minutes ago
Rupee falls 5 paise to hit all-time low of 85.16 against US dollar in early trade
13 hours, 39 minutes ago
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1 day, 8 hours ago
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4 days, 7 hours ago
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6 days, 6 hours ago
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1 week, 5 days ago
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2 weeks ago
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2 weeks, 1 day ago
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3 weeks, 1 day ago
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3 weeks, 4 days ago
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3 weeks, 5 days ago
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4 weeks ago
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4 weeks, 1 day ago
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4 weeks, 1 day ago
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1 month ago
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1 month ago
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