The Indian rupee dropped by 71 paise during intraday trade to hit the all-time&nbsp;low of 83 against the United States dollar on Wednesday. It followed the trend of the US dollar strengthening its position against most major currencies, including the pound in the United Kingdom.

While the previous all-time low was 82.63, the rupee dipped to record low of 83.22.

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According to Financial Times, experts were taken by surprise following the sudden drop and the trading on Thursday will be crucial to determine the future trend of the Indian rupee.

The impact of the rupee was also felt in the Indian stock market as the Sensex and Nifty 50 – two major indicators – fell considerably and closed the market with substantial losses on Wednesday.

The main reasons behind this sudden drop in the rupee’s value are the mounting recession fears brought about the ongoing Ukraine-Russia war. Currencies like the Euro, Pound and the Yen have all lost their value in the last month and Reuters had reported that the rupee can fall below the 83-mark.

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Earlier in the day, the Office for National Statistics in the United Kingdom said that the inflation was at its all-time high since 1982. The index rose from 9.9 per cent in September to 10.1 per cent.

On the other hand, the Japanese Yen is also experiencing a 32-year low against the US dollar. The USD is boosted by the measures taken by the US Federal Reserve and that has directly affected the other currencies.

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The Indian rupee dropped by 71 paise during intraday trade to hit the all-time low of 83 against the United States dollar on Wednesday. It followed the trend of the US dollar strengthening its position against most major currencies, including the pound in the United Kingdom.

The Indian rupee dropped by 71 paise during intraday trade to hit the all-time low of 83 against the United States dollar on Wednesday. It followed the trend of the US dollar strengthening its position against most major currencies, including the pound in the United Kingdom. While the previous all-time low was 82.63, the rupee dipped to record low of 83.22. Also read | Iranian trainers reportedly teaching Russian military about drones in Crimea According to Financial Times, experts were taken by surprise following the sudden drop and the trading on Thursday will be crucial to determine the future trend of the Indian rupee. The impact of the rupee was also felt in the Indian stock market as the Sensex and Nifty 50 – two major indicators – fell considerably and closed the market with substantial losses on Wednesday. The main reasons behind this sudden drop in the rupee’s value are the mounting recession fears brought about the ongoing Ukraine-Russia war. Currencies like the Euro, Pound and the Yen have all lost their value in the last month and Reuters had reported that the rupee can fall below the 83-mark. Also read | UK inflation accelerates to 40-year high amid rising food prices Earlier in the day, the Office for National Statistics in the United Kingdom said that the inflation was at its all-time high since 1982. The index rose from 9.9 per cent in September to 10.1 per cent. On the other hand, the Japanese Yen is also experiencing a 32-year low against the US dollar. The USD is boosted by the measures taken by the US Federal Reserve and that has directly affected the other currencies.

Indian rupee falls to record low against United States dollar, crosses 83-mark

The Indian rupee hit 80 per dollar on Tuesday (July 19), for the first time ever, yet another record low, as international investors kept offloading the Indian stocks. The rupee fell to 80.06 against the dollar. The currency has been impacted by the nation’s record high foreign equity outflows of about $30 billion so far this year, now worrying about a widening current account deficit in the face of high oil and commodities prices. The Indian policymakers have taken various steps to stop the rupee’s slide such as from intervention to hiking import taxes on gold, Bloomberg reported.&nbsp;

As per Governor Shaktikanta Das, the Indian central bank is intervening in all market segments to reduce the risk and support a currency’s orderly appreciation or depreciation. However, the Indian rupee touched a record low for the seventh straight session on Tuesday, Reuters reported.&nbsp;

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The RBI has been using its $600 billion in foreign exchange reserves to defend the Indian rupee. Additionally, the monetary authorities enabled trade to be settled in rupees and announced initiatives to increase the foreign currency inflows into the nation.&nbsp;

However, Tuesday saw a decline in oil prices as the dollar fueled purchasing demand. As the West sanctions in Russia, the supplies have disrupted trade flows to refiners and have been a thorn on the side of the oil markets. At the same time, there have been growing concerns that the central bank's efforts to tame surging inflation may lead to recession, which would reduce future fuel demand. Despite the decline in oil prices, several banks were already charging 80 rupees for every dollar in the exchange rate, the State Bank of India said.&nbsp;

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However, it is expected that the&nbsp;rupee might fall to 82 to the dollar by September this year, according to strategists at Nomura holdings Inc. and Morgan Stanley, Bloomberg reported.&nbsp;

The rupee has been reported to reach fresh record lows practically every other day in recent months, and traders believe this trend will continue.&nbsp;

(With inputs from agencies)

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The Indian rupee hit 80 per dollar on Tuesday (July 19), for the first time ever, yet another record low, as international investors kept offloading the Indian stocks.

The Indian rupee hit 80 per dollar on Tuesday (July 19), for the first time ever, yet another record low, as international investors kept offloading the Indian stocks. The rupee fell to 80.06 against the dollar. The currency has been impacted by the nation’s record high foreign equity outflows of about $30 billion so far this year, now worrying about a widening current account deficit in the face of high oil and commodities prices. The Indian policymakers have taken various steps to stop the rupee’s slide such as from intervention to hiking import taxes on gold, Bloomberg reported. As per Governor Shaktikanta Das, the Indian central bank is intervening in all market segments to reduce the risk and support a currency’s orderly appreciation or depreciation. However, the Indian rupee touched a record low for the seventh straight session on Tuesday, Reuters reported. Also read | India is 'on course to becoming the fastest growing economy in the world': RBI The RBI has been using its $600 billion in foreign exchange reserves to defend the Indian rupee. Additionally, the monetary authorities enabled trade to be settled in rupees and announced initiatives to increase the foreign currency inflows into the nation. However, Tuesday saw a decline in oil prices as the dollar fueled purchasing demand. As the West sanctions in Russia, the supplies have disrupted trade flows to refiners and have been a thorn on the side of the oil markets. At the same time, there have been growing concerns that the central bank's efforts to tame surging inflation may lead to recession, which would reduce future fuel demand. Despite the decline in oil prices, several banks were already charging 80 rupees for every dollar in the exchange rate, the State Bank of India said. Also read | Indian rupee set to depreciate further, to breach 80 per US dollar However, it is expected that the rupee might fall to 82 to the dollar by September this year, according to strategists at Nomura holdings Inc. and Morgan Stanley, Bloomberg reported. The rupee has been reported to reach fresh record lows practically every other day in recent months, and traders believe this trend will continue. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Indian rupee hits low of 80 per dollar for the first time ever

With the Indian rupee plunging to historic lows against the dollar, analysts have predicted that the local currency is all set to touch the 80-rupee barrier against the US currency.

For the past four to five days, the Indian currency has been facing severe blowbacks as foreign institutional investors have continued to dump Indian equities in search of safe haven US dollars, putting further pressure on the local currency.

At the start of the year, the rupee-dollar exchange rate was at 74. But recession fears, the Russian invasion of Ukraine and the resultant spike in oil and gas prices have put tremendous pressure on the rupee.

According to Bloomberg data, the currency has slumped to a new record low level 26 times since Russia invaded Ukraine late in February.

On Thursday, the local currency opened trading at a lifetime low of 79.71 (provisional) per US dollar compared to its previous close of 79.63.

Analysts believe that the rupee-dollar exchange rate will most certainly touch 80 as the experts expect the United States Federal Reserve to hike the interest rates by another 75 to 100 basis points at the end of the month to tackle hot inflation. This will further trigger the outflow of dollars from India and back to the US.

“Rupee is expected to depreciate today (Thursday) amid strong dollar and risk aversion in global markets. Market sentiments are hurt as red hot inflation in the US stoked bets that the US Fed may have to raise interest rates much more than expected, even 100 bps. Additionally, consistent FII outflows and concerns on looming recession may hurt rupee. US$INR (July) is expected to trade in a range of 79.50-80.00," said ICICI Direct in a statement.

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&nbsp;

With the Indian rupee plunging to historic lows against the dollar, analysts have predicted that the local currency is all set to touch the 80-rupee barrier against the US currency.

With the Indian rupee plunging to historic lows against the dollar, analysts have predicted that the local currency is all set to touch the 80-rupee barrier against the US currency. For the past four to five days, the Indian currency has been facing severe blowbacks as foreign institutional investors have continued to dump Indian equities in search of safe haven US dollars, putting further pressure on the local currency. At the start of the year, the rupee-dollar exchange rate was at 74. But recession fears, the Russian invasion of Ukraine and the resultant spike in oil and gas prices have put tremendous pressure on the rupee. According to Bloomberg data, the currency has slumped to a new record low level 26 times since Russia invaded Ukraine late in February. On Thursday, the local currency opened trading at a lifetime low of 79.71 (provisional) per US dollar compared to its previous close of 79.63. Analysts believe that the rupee-dollar exchange rate will most certainly touch 80 as the experts expect the United States Federal Reserve to hike the interest rates by another 75 to 100 basis points at the end of the month to tackle hot inflation. This will further trigger the outflow of dollars from India and back to the US. “Rupee is expected to depreciate today (Thursday) amid strong dollar and risk aversion in global markets. Market sentiments are hurt as red hot inflation in the US stoked bets that the US Fed may have to raise interest rates much more than expected, even 100 bps. Additionally, consistent FII outflows and concerns on looming recession may hurt rupee. US$INR (July) is expected to trade in a range of 79.50-80.00," said ICICI Direct in a statement. WATCH WION LIVE HERE

Indian rupee set to depreciate further, to breach 80 per US dollar

The Indian rupee tumbled to a record low of 77.82 against the US dollar in opening trade on Friday during the intra-day trades.

At the interbank foreign exchange, the rupee opened on a weak note at 77.81 against the American dollar, before ending the session at 77.82.

On Thursday, the rupee fell by 6 paise to close at 77.74 against the US dollar. The previous low of 77.79 was touched on May 17.

It is being said that a spurt in the global price of Brent crude to over $124 per barrel might have caused the Indian currency to depreciate as even a slight rise in crude prices could severely impact India’s current account deficit.

According to Reuters, which has quoted traders, the rupee could weaken towards 79/dollar levels by end of fiscal year 2022/23 but the fall could be accelerated by firm crude oil prices.

India imports nearly 85 per cent of its oil requirements and high crude tends to push up domestic inflation while also widening the country’s trade and current account deficits.

Indian shares continued to incur losses to a fifth session as investors worried that aggressive policy tightening by central banks could stifle global economic growth.

RBI raised its key repo rate by 50 basis points on Wednesday.

Foreign funds have sold stocks worth more than $23 billion so far in 2022 while they are net sellers of $2.1 billion in debt.

Global oil benchmark Brent crude futures fell 0.66 per cent to USD 122.26 per barrel.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent lower at 103.17.

On the domestic equity market front, the 30-share Sensex was trading 620.68 points or 1.12 per cent lower at 54,699.60, while the broader NSE Nifty declined 165.30 points or 1 per cent to 16,312.80.

(With inputs from agencies)

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The Indian rupee tumbled to a record low of 77.82 against the US dollar in opening trade on Friday during the intra-day trades. At the interbank foreign exchange, the rupee opened on a weak note at 77.

The Indian rupee tumbled to a record low of 77.82 against the US dollar in opening trade on Friday during the intra-day trades. At the interbank foreign exchange, the rupee opened on a weak note at 77.81 against the American dollar, before ending the session at 77.82. On Thursday, the rupee fell by 6 paise to close at 77.74 against the US dollar. The previous low of 77.79 was touched on May 17. It is being said that a spurt in the global price of Brent crude to over $124 per barrel might have caused the Indian currency to depreciate as even a slight rise in crude prices could severely impact India’s current account deficit. According to Reuters, which has quoted traders, the rupee could weaken towards 79/dollar levels by end of fiscal year 2022/23 but the fall could be accelerated by firm crude oil prices. India imports nearly 85 per cent of its oil requirements and high crude tends to push up domestic inflation while also widening the country’s trade and current account deficits. Indian shares continued to incur losses to a fifth session as investors worried that aggressive policy tightening by central banks could stifle global economic growth. RBI raised its key repo rate by 50 basis points on Wednesday. Foreign funds have sold stocks worth more than $23 billion so far in 2022 while they are net sellers of $2.1 billion in debt. Global oil benchmark Brent crude futures fell 0.66 per cent to USD 122.26 per barrel. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent lower at 103.17. On the domestic equity market front, the 30-share Sensex was trading 620.68 points or 1.12 per cent lower at 54,699.60, while the broader NSE Nifty declined 165.30 points or 1 per cent to 16,312.80. (With inputs from agencies) WATCH WION LIVE HERE

Indian rupee slides to record low of 77.82 against US dollar

The BSE Sensex fell 792.17 points today to close below the 35,000 mark and the NSE Nifty went down 282.80 points to close at 10,316.50 after&nbsp;the Reserve Bank of India(RBI) in a surprise move kept key rates unchanged.

<a href="http://www.wionews.com/business-economy/rbi-keeps-policy-rate-unchanged-in-surprise-move-169622">Also Read:&nbsp;RBI keeps policy rate unchanged in surprise move</a>

At one point, the Sensex had fallen over 900 points while going down&nbsp;300 points in the morning session extending its losing streak for the third straight day on Friday.

In the end, the Sensex closed&nbsp;at 34,376.99&nbsp;down 2.25 per cent and the Nifty&nbsp;fell 282.80 points or 2.67 per cent to close at 10,316.50.

Banking stocks HDFC, Yes Bank and ICICI Bank crashed with Reliance Industries falling over six per cent. Finance companies also experienced huge falls with Bajaj Finance, Indiabulls Housing Finance and DHFL going down over nine per cent.

RBI's monetary policy also affected the Rupee with the Indian currency falling&nbsp;below the 74-level against the US dollar for the first time ever.

The domestic currency was quoted 55 paise lower at 74.13 against the dollar soon after the RBI announced its monetary policy.

The BSE Sensex fell 792.17 points today to close below the 35,000 mark and the NSE Nifty went down 282.80 points to close at 10,316.50 after the Reserve Bank of India(RBI) in a surprise move kept key rates unchanged.

The BSE Sensex fell 792.17 points today to close below the 35,000 mark and the NSE Nifty went down 282.80 points to close at 10,316.50 after the Reserve Bank of India(RBI) in a surprise move kept key rates unchanged. Also Read: RBI keeps policy rate unchanged in surprise move At one point, the Sensex had fallen over 900 points while going down 300 points in the morning session extending its losing streak for the third straight day on Friday. In the end, the Sensex closed at 34,376.99 down 2.25 per cent and the Nifty fell 282.80 points or 2.67 per cent to close at 10,316.50. Banking stocks HDFC, Yes Bank and ICICI Bank crashed with Reliance Industries falling over six per cent. Finance companies also experienced huge falls with Bajaj Finance, Indiabulls Housing Finance and DHFL going down over nine per cent. RBI's monetary policy also affected the Rupee with the Indian currency falling below the 74-level against the US dollar for the first time ever. The domestic currency was quoted 55 paise lower at 74.13 against the dollar soon after the RBI announced its monetary policy.

Sensex crashes 792 points to close below 35,000 mark; Nifty tanks 282 points

The rupee had hit its all-time intra-day low of 68.85 and closed at 68.80 on August 28, 2013

Graph: The Indian Rupee's travel against the Dollar

indian-rupee-hits-low

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