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Thursday, October 6, 2022

Rupee drops 51 paise to all-time low of 80.47 against the US dollar

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The rupee fell 51 paise in early trading on Thursday to an all-time low of 80.47 against the US dollar. US Federal Reserve‘s rate hike and its aggressive stance weighed on investor sentiment.



On interbank currencies, the local currency traded at 80.47 against the dollar, 51 paise lower than at the previous close. The rupee opened at 80.27 and hit a record low of 80.47 per dollar in first deals.

Forex traders said the strength of the US currency in the overseas market, a muted trend in domestic stocks, risky moods and firm crude oil prices weighed on the local unit.

On Wednesday, the rupee fell 22 paise to close at 79.96 against the dollar.

The US Fed raised interest rates by 75 basis points to 3-3.25 percent. It was the third consecutive increase of 75 basis points. fed Chair Jerome Powell reiterated the Fed’s commitment to contain inflation in its press conference.

“Given the broad strength of the dollar, Reserve Bank of India might also look to review its intervention function. We will likely see a range of 80.10-80.50 on Thursday,” said IFA Global Research Academy.

The focus will be on the monetary policy of the Bank of Japan (BoJ) and the Bank of England (BoE), it said, adding that the BoE is expected to raise interest rates by 50 basis points.

Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, rose 0.88 percent to 111.61.

The global oil benchmark Brent oil futures rose 0.49% to $90.27 a barrel.

In the domestic stock market, the 30-stock BSE Sensex was down 166.77 points, or 0.28 percent, at 59,290.01, while the broader NSE Nifty fell 41.15 points, or 0.23 percent, to 17,677.20.

Foreign institutional investors were net sellers in the capital market on Wednesday as they sold shares worth Rs 461.04 crore, according to stock market data.

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