Rupee falls to all-time low, slips below 81 : The Tribune India

Rupee falls to all-time low, slips below 81

It is weighed down by the strong American currency and risk-off sentiment among investors

Rupee falls to all-time low, slips below 81

Photo for representation. iStock

PTI

Mumbai, September 23

The rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time in early trade on Friday, weighed down by the strong American currency and risk-off sentiment among investors.

Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite.

Further, the strength of the American currency in the overseas market, a negative trend in domestic equities, and risk-off moods amid escalation of geopolitical risk in Ukraine weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 81.08 against the greenback, then fell further to 81.23, registering a fall of 44 paise over its previous closing.

On Thursday, the rupee plunged by 83 paise -- its biggest single-day loss in nearly seven months -- to close at an all-time low of 80.79 against the US dollar.

The Bank of England hiked its base rate by 50 basis points (bps) to a 14-year high of 2.25 per cent.

The Bank of Japan intervened in the FX market for the first time in 24 years to stem a falling yen after it kept rates at record lows, IFA Global Research Academy said, adding that the Swiss National Bank hiked rates by a record 75 bps to 0.5 per cent.

The US Fed has hiked interest rates by 75 basis points to 3-3.25 per cent.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.05 per cent to 111.41.

Global oil benchmark Brent crude futures fell 0.57 per cent to USD 89.94 per barrel. 

#England #inflation #Mumbai #Rupee vs US dollar #Ukraine

Tribune Shorts


Top News

PM Modi to launch 5G services in India today

PM Narendra Modi launches 5G services

Capable of supporting ultra-high-speed Internet, the fifth g...

The 5G makeover: What it means for new as well as existing subscribers

The 5G makeover: What it means for new as well as existing subscribers

As the govt rolls out the revolutionary 5G service, a look a...

Congress chief poll: Its direct contest between Kharge and Tharoor as KN Tripathi’s papers rejected

Congress chief poll: Its direct contest between Kharge and Tharoor as KN Tripathi’s papers rejected

The election if required would be held on October 17, a firs...

India abstains, Russia vetoes UNSC resolution on Moscow's ‘illegal referenda' on Ukraine

India again abstains from anti-Russia UN Security Council resolution

India’s PM has unequivocally conveyed this (dialogue) in his...

Accused who killed factory worker during loot bid at Ludhiana dies by suicide in CIA lock-up

Accused who killed factory worker during loot bid at Ludhiana 'dies by suicide' in CIA lock-up

On September 28, police had nabbed Jatinder Chhotu (29) and ...


Cities

View All