Rupee hits all-time low of 79.55 against US dollar
The rupee opened at a record low of 79.55 against the US dollar on Tuesday amid strength in the dollar overseas and weakness in domestic equities, though cooling off oil rates lent some support.
The rupee opened at a record low of 79.55 against the US dollar on Tuesday, sinking further after hitting a record closing low of 79.44 the previous day. Strength in the dollar and weakness in domestic equities put pressure on the rupee, though easing oil rates lent some support.
Global oil prices edged lower on Tuesday as China issued fresh COVID-19 restrictions and fears of a global economic slowdown weighed on the fuel outlook.
Brent futures dropped 3.2 percent to $103.6 a barrel and West Texas Intermediate (WTI) futures followed suit, falling 1.8 percent to $102.2 a barrel.
The dollar index — which gauges strength in the greenback against six peers — climbed 0.4 percent to touch a two-decade high of 108.3.
"With the US economy adding jobs at an impressive pace in June, the odds of a series of aggressive rate hikes have increased further, which is pushing the dollar index on an upwards trajectory," said Sugandha Sachdeva, Vice President-Commodity and Currency Research at Religare Broking.
Having breached the crucial 79.50 mark, the rupee can weaken towards the 80 mark against the US currency in the coming days," she added.
Indian equities fell on Tuesday amid weakness in financial, FMCG and IT shares, though strength in oil & gas shares limited the downside.
First Published: Jul 12, 2022 9:45 AM IST
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