Rupee Closes At 78.13 Against US Dollar, Hits Record Low

Earlier on Friday, the rupee had tumbled 19 paise to close at a record low of 77.93 against the US dollar. This happened for the first time ever. Scroll to know more

By Ashita Singh
Mon, 13 Jun 2022 04:16 PM IST
Minute Read
Rupee Closes At 78.13 Against US Dollar, Hits Record Low
Rupee Closes At Record Low

New Delhi | Jagran Business Desk: The Rupee on Monday closed at all-time low of 78.13 against the US dollar. At the foreign exchange market, the local currency opened at 78.20 and witnessed an intra-day high of 78.02 and a low of 78.29 against the US dollar.

Earlier on Friday, the rupee had tumbled 19 paise to close at a record low of 77.93 against the US dollar.

Earlier, in the session, the rupee breached the 78 per dollar mark for the first time ever and hit a fresh record low of 78.28 to the dollar, while the benchmark 10-year bond yield touched 7.60 per cent, its highest since February 28, 2019.

At the interbank foreign exchange market, the partially convertible rupee started the day at 78.14 per dollar against its previous close at 77.84. The rupee hit a low of 78.23 against the US dollar in the morning trade.

Incessant dollar outflows from the Indian equities and bond markets have led to a sharp drop in the value of the Indian currency.

The Indian stock markets' key indices, Sensex and Nifty, slumped by more than 2.5 per cent on Monday.

The 30 stock S&P BSE Sensex was trading 1404.39 points or 2.59 per cent down at 52,899.05 points at 12.29 pm.

This is the second consecutive session of a sharp drop in the benchmark index. The Sensex had lost 1016.84 points or 1.84 per cent on Friday. In the last two sessions, Sensex has lost around 2400 points.

The Reserve Bank of India (RBI) last week raised inflation forecast for the current financial year to 6.7 per cent from its earlier projection of 5.7 per cent.

As per the RBI's new projection announced after the Monetary Policy Committee (MPC) meeting, inflation is likely to remain above the central bank's upper tolerance limit of 6 per cent for the first three quarter of 2022-23.

Inflation is projected to remain 7.5 per cent in the first quarter of the current financial year. In the second quarter, it is projected at 7.4 per cent. For the third quarter, it is projected at 6.2 per cent.

(With Agencies Inputs)

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