Rupee hits all-time low of 79.11 against US dollar

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Ziraat Times
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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.

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