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Rupee slumps below 82 against dollar for first time ever

Rupee slumps below 82 against dollar for first time ever

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By Sangam Singh  Oct 7, 2022 12:09:32 PM IST (Updated)

The rupee depreciated by as much as 32 paise to a record low of 82.20 against the US dollar on Friday.

The rupee depreciated by 32 paise or 0.4 percent to hit a record low of 82.20 against the dollar on Friday, amid a sustained rise in crude oil prices after the top producers agreed to reduce output by two million barrels a month. That marked the first time the Indian currency sank below the 82 mark against its American counterpart.

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With the latest fall, the rupee has lost about one percent of its value against the greenback in four trading sessions, and more than 10 percent so far in 2022.
The dollar index — which measures the greenback against a basket of six other peers — was last down 0.1 percent at 112.1. The gauge has hovered around 20-year highs for the past few weeks.
Crude oil prices rose on Friday, continuing to rise after the news of the OPEC+ grouping agreeing to reduce production. Brent crude futures rose half a percent to almost $95 a barrel.
"If the oil again jumps above $100 per barrel, it will surely raise the alarm, and further stress the deficits (current account and trade) and the rupee," said Amit Pabari, Managing Director at CR Forex Advisors.
Pabari expects mild intervention by the RBI on Friday to control volatility in the spot market. "Overall, we expect the USD-INR pair to trade higher in a range of 81.80 to 82.50, before breaking towards 83.00 levels," he said.
Equity benchmarks Sensex and Nifty50 slipped into the red after a flat start.
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