Indian Rupee Slides Past 81 Against The U.S. Dollar For The First Time
The rupee has depreciated 40 paise over its previous close to a fresh record low of 81.26 against the dollar.
The Indian rupee weakened past 81 against the U.S. dollar for the first time.
The domestic currency has depreciated 40 paise over its previous close to a fresh record low of 81.26 against the greenback in early trade. It closed at 80.99 on Friday.
It had hit a record low of 80.87 on Thursday after the Fed’s rate hike and hawkish commentary, and saw the sharpest intraday decline since Russia’s invasion of Ukraine.
Also Read: Indian Rupee: A Weaker Quarter Ahead
Fresh weakness in the rupee is in line with it’s value in the NDF market, said Ritrsh Bhansali, vice president at Mecklai financial services. The Reserve Bank of India is not expected to aggressively intervene and the rupee is expected to range between 81 and 82 in the current session, he said.