Rupee plummets 60 paise to close at all-time low of 77.50/USD
Business | May 09, 2022 17:36 ISTForex traders said risk appetite has weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by global central banks.
Forex traders said risk appetite has weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by global central banks.
The Indian Rupee started on a weaker note this Monday against the greenback tracking the strength of the dollar.
The rupee strengthened by 5 paise to 73.59 against the US dollar in opening trade on Monday, supported by foreign portfolio inflows and strong opening in domestic equities.
The rupee opened on a flat note and was trading in a narrow range against the US dollar in opening session on Friday, even as the domestic equity market traded with gains.
The rupee depreciated 9 paise to close at 75.72 against the US dollar on Wednesday, following a strong American currency overseas and fears of a renewed trade war between the US and China.
The Indian rupee rose by 7 paise to close at 76.18 (provisional) against the US dollar on Tuesday, tracking positive domestic equities and a weak American currency in the overseas market. This is the second consecutive day of gain for the rupee.
The rupee on Wednesday recovered from record low levels to settle higher by 15 paise at 76.68 (provisional) against the US dollar following gains in domestic stocks and some weakness in the greenback against global currencies.
Paring its early gains, the rupee declined by 17 paise to close at its all-time low of 76.44 against the US dollar on Wednesday, tracking weak domestic equities and strengthening of the American currency overseas.
A sense of anxiety among investors has developed as they see the global economy is plunging into a deep crisis due to coronavirus pandemic that has killed about 5,000 and sickened lakhs of people around the globe.
The Indian rupee continued its downward journey on Monday, sliding another 16 paise to 74.03 against the US dollar in opening trade, tracking weak opening in domestic equities amid mounting fears of a coronavirus-led economic slowdown.
The Indian rupee resumed its downward journey after a day's hiatus on Friday, plummeting by 46 paise to 73.79 (provisional) against the US dollar as coronavirus-panicked investors kept assessing deteriorating financial markets.
The Indian rupee continued its downward journey on Thursday, sliding another 5 paise to trade at 73.44 against the US dollar amid mounting fears of a coronavirus-led economic slowdown.
The rupee pared all its initial gains and settled 50 paise down at 72.74 (provisional) against the US dollar on Monday after two fresh cases of coronavirus detected in India.
The Indian rupee settled for the day higher by 20 paise at 71.65 (provisional) against the US dollar on Wednesday in line with other Asian currencies, helped by lower crude oil prices.
The rupee on Monday fell by 34 paise to close at more than three-month low of 71.98 (provisional) against the US dollar, tracking heavy selling in domestic equities and strengthening of the American currency in the overseas market.
The Indian rupee tumbled by 24 paise to settle at 71.56 (provisional) against the US dollar on Tuesday as concerns over the economic fallout from coronavirus outbreak continued to roil forex market sentiment.
Investors also played their bets cautiously in view of India's rating outlook cut by Moody's Investors Services last week. Opening marginally lower, the Indian currency dropped to a low of 71.54 to the US dollar before settling at 71.47, showing a fall of 19 paise
At the interbank foreign exchange market, the rupee opened lower at 71.06 against the US dollar. During the day, the domestic unit fluctuated between a high of 70.87 and a low of 71.06.
At the Interbank Foreign Exchange, the rupee opened at 71.83 then lost further ground and fell to an intra-day low of 71.98 against the US dollar.
Domestic bourses opened on a positive note on Thursday with benchmark indices Sensex trading 139.69 points higher at 37,410.51 and Nifty up 41.20 points at 11,076.90.
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