Re slumps to all-time low of 77.50 vs USD
Mumbai, May 12
The rupee plunged by 25 paise to close at its lifetime low of 77.50 against the US currency on Thursday as the dollar touched a fresh two-decade high in global markets on strong risk-averse sentiment and a higher-than-expected US inflation triggered fears of aggressive rate hikes.
The rupee also touched its record intra-day low of 77.63 to a dollar as losses in domestic stocks, concerns over weak growth, and persistent forex outflows negated the impact of a fall in crude oil prices. It ended at 77.50, down by 25 paise over its previous close of 77.25, cutting short its two-day winning run.
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