Rupee Weakens Further To Close At A New All-Time Low Of 77.44

Rupee weakens further to close at 77.50’s new all-time low

The rupee weakened further on Monday, closing at a new record low of 77.44 after breaking the previous record of 77.05 in the first half of the session as the dollar surge crossed the market.

The PTI reported that the Indian currency plunged 54 Paisa against the US dollar from 76.90 to a new record low of 77.44.

In the interbank foreign exchange market, the rupee fell 77.17 against the greenback and finally settled at 77.50, down 60 Paisa from the previous closing price. During the trading session, the rupee reached a lifetime low of 77.52.

Forex traders said their risk motivation has diminished amid growing inflationary concerns that could trigger more aggressive rate hikes by the world’s central banks.

Escape to security has pushed the dollar stronger as investors continue to be dissatisfied with rising inflation, rising interest rates and slowing concerns about economic growth.