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Rupee drops 51 paise to all-time low of 80.47 against US dollar


The rupee fell 51 places to an all-time low of 80.47 against the US dollar in early trading on Thursday after the US Federal Reserve raised interest rates and its hawkish stance weighed on the US dollar. weighed heavily on investor sentiment.

At the interbank foreign exchange exchange, the local currency was traded at 80.47 against the dollar, down 51 places from the previous closing level. The rupee opened at 80.27 and hit a record low of 80.47 a dollar in early trades.

Forex traders said the strength of the US currency in foreign markets, the muted trend in domestic stocks, the risk-on mood and solid crude oil prices weighed on the local unit. geography.

On Wednesday, the rupee fell 22 paly to close at 79.96 against the dollar.

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The Fed raised interest rates by 75 basis points to 3-3.25%. This is the third consecutive 75 basis point increase. Fed Chairman Jerome Powell in his press conference reiterated the Fed’s commitment to curbing inflation.

“Given the broad dollar strength, the Reserve Bank of India may also look to revise its intervention function. We are likely to see an 80.10-80.50 range on Wednesday. Five,” said the IFA Institute of Global Studies.

It said it will focus on the monetary policies of the Bank of Japan (BoJ) and the Bank of England (BoE), and said the BoE is expected to raise interest rates by 50 basis points. .

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.88% to 111.61.

Global Brent crude oil futures prices rose 0.49% to $90.27 per barrel.

On the domestic stock market, the 30-share BSE Sensex was trading 166.77 points or 0.28% to 59,290.01, while the broader NSE Nifty fell 41.15 points or 0.23% to 17,677 ,20.

Foreign institutional investors were net sellers in capital markets on Wednesday as they sold off shares worth Rs 461.04 crore, according to exchange data.

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