Rupee Hits Record All-Time Low
HY News
28 September, 2022 11:39 am IST
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The rupee depreciated 40 paise to an all-time low of 81.93 against the US dollar in early trade on Wednesday as the strengthening of the American currency and risk-averse sentiment among investors weighed on the local unit.
On Tuesday, the rupee consolidated in a narrow range and settled 14 paise higher at 81.53 against the dollar. The rupee opened weaker on Wednesday as the dollar resumed its upward momentum supported by hawkish Fed talk, said Sriram Iyer, Senior Research Analyst at Reliance Securities.
This is the first time the local unit has fallen below the 81- mark against the greenback.
Last week, Forex advisory firm IFA Global said “RBI might step aside to allow the Rupee to adjust as the Fed is likely to keep rates higher for longer. This would have made aggressive intervention unsustainable".
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