Rupee weakens beyond 79 per US dollar to hit record low, seen falling more

Reuters | | Updated on: Jul 01, 2022

Prospects for higher US interest rates and fears of a widespread recession weigh on the rupee

The rupee weakened past 79 per dollar, plumbing record lows in early trade, as investors retreated from the domestic share markets on Friday with the greenback staying strong against major peers due to prospects for higher US interest rates and fears of a widespread recession.

The domestic currency was trading at 79.08/09 per dollar in early trade, after touching a record low of 79.10. The unit had ended at 78.9675 on Thursday.

The dollar was little changed against major peers but was on track for its best week in four as investors weighed the boost from tighter Federal Reserve policy and the risks of recession.

Oil prices edged up in early trade after sinking in the previous session as OPEC+ said it would stick to its planned oil output hikes in August and investors worried about the strength of the global economy.

Published on July 01, 2022
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