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Rupee hits record low against dollar amid falling equities

market | Jun 10, 2022 12:36 PM IST

Rupee hits record low against dollar amid falling equities

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The rupee tumbled to a record low of 77.82 against the US dollar on Friday, tracking strength in the US currency overseas and crude oil rates not far off their 13-week highs.

The rupee tumbled to a record low of 77.82 against the US dollar on Friday, battered by strength in the greenback overseas and oil rates not far off 13-week highs. Weakness in domestic equities also put pressure on the local currency.

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The rupee edged lower to its weakest intraday level against the US currency soon after beginning the day at 77.79 as against its previous close of 77.77.
Indian equity benchmarks fell around 1.5 percent each amid weakness across sectors, as fears of worsening inflation and its impact on interest rates as well as economic growth kept investors nervous globally.
Global crude oil prices dipped but remained above the $120 a barrel mark. High international crude rates hurt markets such as India, which meets the lion's share of its oil demand through imports.
The imposition of new COVID-related curbs in parts of Shanghai sent jitters across global financial markets. Brent crude futures fell as much as 1.2 percent to $121.6 a barrel. West Texas Intermediate futures followed suit, dropping to as low as $120.1 a barrel.
The dollar index — which measures the greenback against a basket of six currencies — edged 0.1 percent higher.
The rupee has been resilient in the past few sessions and consolidating in a narrow range despite volatility in equities and strength in the dollar overseas, said Gaurang Somaiya, Forex and Bullion Analyst at Motilal Oswal Financial Services.
"The RBI has been very actively intervening and curtailing volatility for the rupee," he said.
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