Rupee hits all-time low of 79.11 against US dollar

By
Ziraat Times
-

Follow Ziraat Times on Whatsapp - Join Now

Mumbai, June 31: The rupee on Friday fell to an all-time low against the US dollar in early trade. The rupee declined for a third straight quarter versus the US dollar as concerns over sustained inflation and continuing foreign fund outflows weighed.

On the interbank forex market on Friday, the rupee opened 5 paise lower at 79.11 against the American currency, PTI reported.

Interest rate increases by the Reserve Bank of India to curb inflationary pressures and the sustained high global crude oil prices also weighed on bonds and the rupee.

On Thursday, the partially convertible rupee ended at 78.96 per dollar, after touching a record low of 78.98. It had ended at 78.96 on Wednesday.

The rupee weakened 4.2 per cent in the June quarter, its biggest loss since the March quarter of 2020 when the pandemic hit, according to a Reuters report.

The spike in global crude oil prices in the aftermath of Russia’s invasion of Ukraine has pushed up global commodity prices and inflation. With India importing more than two-thirds is of its oil requirements, the country’s trade and fiscal deficits are expected to widen this year and that has also hurt the rupee, the Reuters report said.

“While RBI’s active use of FX Reserves has curbed volatility, depreciation pressures continue to persist on account of a multitude of global factors as well as few domestic ones,” analysts at QuantEco Research wrote in a note.

“We expect USD-INR to touch 81 before the end of FY23,” they added.

RELATED ARTICLESMORE FROM AUTHOR

1016 COMMENTS

  521. Игра РЅР° деньги — это ваше развлечение.: balloon game – balloon казино

  522. Играйте РїРѕ СЃРІРѕРёРј правилам РЅР° автомате.: balloon game – balloon казино официальный сайт

  527. Игровые автоматы Ballon ждут СЃРІРѕРёС… героев.: balloon game – balloon казино демо

  533. Играйте РІ Ballon Рё наслаждайтесь процессом.: balloon game – balloon игра на деньги

  920. Buy medicine online Australia [url=https://pharmau24.shop/#]Online medication store Australia[/url] Licensed online pharmacy AU

  923. pills for erectile dysfunction online ed treatments online or online erectile dysfunction pills
    https://gr.k24.net/feeds/frontwidget.aspx?fc=000000&f=1&p=3146&url=https://eropharmfast.com cheapest online ed treatment
    [url=http://fivelige.net/m2wt/jsp/Imageinbrowser2.jsp?id=9185&nid=2166&subid=7422273&cid=7&couponcode&domainur=eropharmfast.com&queue=q4]cheapest erectile dysfunction pills[/url] cheap erectile dysfunction pills and [url=http://asresin.cn/home.php?mod=space&uid=116532]buy ed meds[/url] cheapest erectile dysfunction pills

  927. Medicaments en ligne livres en 24h [url=https://pharmsansordonnance.shop/#]acheter medicaments sans ordonnance[/url] vente de mГ©dicament en ligne

  928. SildГ©nafil 100 mg prix en pharmacie en France [url=https://viasansordonnance.com/#]acheter Viagra sans ordonnance[/url] viagra en ligne

  930. Acheter Cialis 20 mg pas cher [url=https://ciasansordonnance.com/#]Cialis sans ordonnance 24h[/url] pharmacie en ligne fiable

  932. Medicaments en ligne livres en 24h [url=http://pharmsansordonnance.com/#]commander sans consultation medicale[/url] Pharmacie Internationale en ligne

LEAVE A REPLY

Please enter your comment!
Please enter your name here