Indian rupee drops to record high of 77.82 against US dollar

The Indian rupee fell to a record low of 77.82 against the US dollar when trading opened on Friday during intraday trading.

On the interbank exchange, the rupee opened weak at 77.81 against the US dollar, before ending the session at 77.82.

On Thursday, the Rupee fell 6 paise to close at 77.74 against the US Dollar. The previous low of 77.79 was hit on May 17th.

It is said that a push in the world price of Brent above $124 a barrel could have led to a depreciation of the Indian currency, as even a slight rise in crude prices could have serious repercussions on the current account deficit of India. ‘India.

According to Reuters, which quoted traders, the rupiah could weaken towards 79/dollar levels by the end of the 2022/23 financial year, but the fall could be accelerated by firmness in crude oil prices.

India imports nearly 85% of its oil needs and the high level of crude tends to drive up domestic inflation while widening the country’s trade and current account deficits.

Indian stocks continued to suffer losses into a fifth session as investors feared aggressive central bank policy tightening could stifle global economic growth.

RBI on Wednesday raised its main repo rate by 50 basis points.

Foreign funds have sold more than $23 billion worth of stocks so far in 2022 while they are net sellers of $2.1 billion in debt.

Brent futures, the global oil benchmark, fell 0.66% to $122.26 a barrel.

Meanwhile, the dollar index, which gauges the strength of the greenback against a basket of six currencies, was trading down 0.04% at 103.17.

On the domestic stock market front, the 30-stock Sensex traded 620.68 points or 1.12% lower at 54,699.60, while the broader NSE Nifty was down 165.30 points or 1 % to 16,312.80.

(With agency contributions)


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Post expires at 9:54am on Monday June 20th, 2022

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