Rupees temporarily ends at record low of 78.32 against dollar
The rupee temporarily ended at a record low of 78.32 against the dollar on Thursday, after closing at that level in the previous session.
That fits a Broader global risk assets plunge on recession fears.
While Indian stocks rallied, the overall performance suggests more pain ahead.
PTI reported that the rupee opened at 78.26 and eventually settled at an all-time low of 78.32, unchanged from the previous close.
On Wednesday, the rupee fell 19 paise to settle at an all-time low of 78.32 against the US dollar.
Dilip Parmar, Research Analyst at HDFC Securities, told PTI that the Indian rupee erased early morning gains as safe-haven demand boosted the greenback ahead of quarter-end corrections.
Mr Parmar added that a near rally is more likely amid falling commodity prices, stronger regional currencies and a recovery in risk assets.
“The spot USDINR is expected to stay in a tight range of 78.10 to 78.50 before heading towards 79 odd levels,” he added.
The dollar strengthened against a basket of major currencies, with the index exceeding 8% on the year, reflecting the dollar’s broad risk-on sentiment and the dollar’s advantage in Fed-run yields.
