Rupee falls to a lifetime low, breaches 81 mark versus USD

ANI
23 Sep 2022, 17:48 GMT+10

Mumbai [India], September 23 (ANI): Indian rupee fell to an all-time low against the US dollar on Friday, breaching the 81 mark, as the greenback strengthened on the back of the Federal Reserve repo rate hike.

The local currency was trading at 80.998 at 4 pm IST, and was trading at 80.856 vs dollar in the afternoon. Globally, the dollar has surged over the past few days as the US Fed has signalled a longer-than-expected tightening cycle.

At 09:25 am IST on Friday, the local currency was trading at 81.13. The rupee had plunged 1.1 per cent against the dollar on Thursday, closing at a record low of 80.87 per dollar.

Geojit Financial Services Research Head Vinod Nair: "A rise in the US 10-year bond yield and a strong dollar index influenced FIIs (foreign institutional investors) to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation have set the market outlook bearish for the near term."With reference to the Indian scenario, Nair also said: "With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection. The current volatility might persist for a while. Investors are advised to wait and watch until the dust settles."On Wednesday, government bonds also started extending sharp losses with the yield on the 10-year benchmark bond last trading 7 basis points higher at 7.38 per cent. Bond prices and yields move inversely.

Domestic equity markets edged lower in Friday's trade. Key indices Nifty50 dropped over 300 points to trade near the 17,300-level and SP BSE Sensex fell more than 1,100 points during the Friday session. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Australian Herald.

More Information

null in null

International

Section

FAA acts to prevent midair collisions near Las Vegas airport

US FAA acts to prevent helicopter incidents near Las Vegas airport

WASHINGTON, D.C.: This week, the Federal Aviation Administration (FAA) said it is taking steps to stop collisions between helicopters...

Trump and Zelenskyy meet in private at Pope Francis funeral

Trump says Putin may not want to stop war with Ukraine

THE VATICAN - U.S. President Donald Trump met privately with Ukrainian President Volodymyr Zelenskyy in St. Peter's Basilica in Vatican...

Kennedy and Makary say FDA will phase out synthetic food dyes

US to phase out many synthetic food dyes, Kennedy and FDA head say

WASHINGTON, D.C.: This week, Health Secretary Robert F. Kennedy Jr. and FDA Commissioner Marty Makary said they plan to remove artificial...

Trade talks to target India’s digital market rules

US to push India for major e-commerce reforms

WASHINGTON, D.C.: The United States plans to press India for sweeping changes to its e-commerce policies as part of negotiations aimed...

UK and New Zealand to boost defence ties

Britain and New Zealand to step up military ties as leaders meet

LONDON, U.K.: British Prime Minister Keir Starmer and New Zealand Prime Minister Christopher Luxon decided to strengthen their countries'...

US FDA halts dairy testing program due to staff shortage

US FDA suspends milk quality tests amid workforce cuts

WASHINGTON, D.C.: The U.S. Food and Drug Administration (FDA) is stopping a quality control program that tests milk and other dairy...

Sydney

Section