The rupee hit a record low of 79.67 against the US dollar on Wednesday as strength in the greenback, which hovered near a two-decade high, and rising oil prices put pressure on the domestic currency.
Global oil prices surged on Wednesday, with the benchmark Brent futures gaining as much as 7.1 percent to $106.6 a barrel. West Texas Intermediate (WTI) futures followed suit, and climbed around half a percent to $96.4 a barrel.
The dollar Index — which gauges strength in the greenback against six peers — rose 0.2 percent to 108.1.
One can expect the dollar index to remain volatile ahead of the release of inflation data from the US, said Rahul Kalantri, VP Commodities at Mehta Equities.
"We expect the rupee to remain volatile this week and could hold its key support level of 80.05," he added.
The rupee had settled at 79.60 against the US dollar on Tuesday.
First Published: Jul 13, 2022 1:33 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP is planning to ban RSS, says Shiv Sena (UBT) chief Uddhav Thackeray
May 18, 2024 8:01 PM
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM