Rupee Hits New Low; Close at 79.03 Against US Dollar

| Updated: June 29, 2022 6:56 pm

The rupee fell to a new low against the US dollar on Wednesday, as domestic stock markets fell and foreign investors continued to sell Indian equities.

The Rupee depreciated 18 paise to close at a record low of 79.03 against the US dollar, at 79.03/$1 on Wednesday. During the Session, the rupee touched an all-time low of 79.05 against the American currency.

On Tuesday, the rupee plunged by 48 paise to close at the record low of 78.85 against the US dollar.

Asian stock markets fell after weak US consumer confidence data dragged down US stocks amid concerns that higher interest rates would harm economic growth.

So far in June, foreign institutional investors have net sold $6.3 billion in stocks, the largest monthly outflow in 2022. So far this year, foreign investors have net sold $28.3 billion in stocks.

The rupee has lost around 5.8 percent against the dollar so far in 2022, as higher US interest rates and a surge in global commodity prices have clouded the currency’s outlook.

Read Also: Explained: Why is The Rupee Continuously Falling Against Dollar?

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