Rupee hits record low against US dollar

HY News 22 September, 2022 11:53 am IST

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The Indian rupee fell to a record low today vs US after the US Federal Reserve hinted at more aggressive rate hikes to tame inflation. The rupee opened at a record low of 80.2850 per U.S. dollar and depreciated further to 80.58 per USD, as compared to 79.9750 in the previous session.

The rupee opened at a record low of 80.2850 per U.S. dollar, down from 79.9750 in the previous session.

Overnight, the after the Federal Reserve unveiled a third straight jumbo interest rate hike, said more were in the pipeline, and warned the battle against inflation was straining the US economy.

News agency PTI reported that the domestic currency fell 42 paise to a fresh all-time low of 80.38 against the US dollar in early trade.

According to the news agency, Forex traders said the strength of the American currency in the overseas market, a muted trend in domestic equities, risk-off moods and firm crude oil prices weighed on the local unit.

"Given the broad dollar strength, the Reserve Bank of India too may look to revise its intervention function. We are likely to see a 80.10-80.50 range on Thursday," IFA Global Research Academy told the news agency.

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Rupee Hits Record All-Time Low

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