Indian Rupee drops to all-time low of 77.42 versus United States dollar


Mumbai: The rupee extended its losses and touched an all-time low of 77.42 versus the US dollar in early trade on Monday weighed down by the strength of the American currency in the overseas market and unabated foreign fund outflows.

At the interbank forex, the rupee opened at 77.17 versus the American dollar, then lost ground to price quote at 77.42, signing up a fall of 52 paise from the last close.

On Friday, the rupee had actually plunged 55 paise to close at 76.90 versus the United States dollar.

The Indian rupee opened weaker on Monday against the dollar as weak point in worldwide equities on issues over financial outlook and rising bond yields weighed on beliefs, stated Sriram Iyer, Senior Research Study Expert at Reliance Securities.

Forex traders stated, risk appetite has actually damaged amidst installing issues about inflation that might activate more aggressive rate hikes by the global reserve banks.

The dollar index, which assesses the greenback’s strength versus a basket of six currencies, was trading 0.35 per cent greater at 104.02, tracking increasing United States yields and worries about higher interest rates.

Moreover, Asian and emerging market peers started weak this Monday morning and will weigh on sentiments.

On the domestic equity market front, the 30-share Sensex was trading 737 points or 1.34 percent lower at 54,098.58 points, while the more comprehensive NSE Nifty decreased 220.25 points or 1.34 percent to 16,191.00 points.

Worldwide oil criteria Brent unrefined futures rose 0.14 percent to USD 112.55 per barrel.

Foreign institutional financiers were net sellers in the capital market on Friday, as they unloaded shares worth Rs 5,517.08 crore, as per stock market information.

Published at Mon, 09 May 2022 05:17:48 -0400