Sat. Oct 1st, 2022

In early trade on Monday, the rupee touched a record low of 78.29 versus the US dollar. The rupee closed the day at 77.83 versus the US dollar, down from its previous low of 77.93. The rupee began at 78.20 versus the US dollar before falling to 78.29, a loss of 36 paise since the previous close.

The rupee fell 19 paise to settle at 77.93 per dollar. Anil Kumar Bhansali, Head of Tresaury at Finrex, told PTI, “Weak global sentiments and weak Asian and European currencies have allowed the rupee to start below 78 after the RBI assured it would not surpass 77.70.” We’ll have to wait and see how the RBI acts in the coming days.”

According to currency dealers, investor morale has been influenced by weak Asian currencies, a lacklustre trend in local stocks, and continued foreign capital outflows. According to stock market statistics, foreign institutional investors (FIIs) sold shares worth Rs 3,973.95 crore on Friday.

The 30-share Sensex has down 1,460 points to 52,843, while the Nifty has fallen 417 points to 15,784. The largest losses in early trade include the Bajaj twins, ICICI Bank, and SBI, which plummeted up to 4.02 percent. On the other side, India’s 10-year bond yield climbed to its highest level in more than three years, as investors worried about quicker rate hikes in the US after inflation data.

US Treasuries fell substantially in early Asia trade on Monday, with investors scrambling to price in an even higher rate-hike path to tackle inflation, according to news agency Reuters.

By adele rose

Adele Rose is the senior editor and employee of WGBS Pvt Ltd Digital wing.

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