Rupee Falls 17 Paise to Record Low of 77.61 Against US Dollar
The rupee had previously breached 77 against the dollar for the first time, earlier this March.
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The Indian rupee slid to a fresh all-time low of 77.61 against the US dollar on Wednesday, 18 May, weighed down by elevated crude oil prices and rate hike by the US Federal Reserve in order to tame inflation.
The domestic currency was down 17 paise from its previous close of 77.44.
The dollar index, which measures the value of the US dollar against a basket of six foreign currencies, was trading 0.3 percent higher at 103.59, reported PTI.
Jateen Trivedi, VP Research Analyst at LKP Securities, said, “The dollar index took support near 103.50 and the capital market witnessed profit booking from higher levels, sending rupee into weakness.”
Meanwhile, crude oil prices soared over 1 percent to $113.45 per barrel on expectations of demand recovery in China as well as supply concerns owing to decline in Russia’s oil production last month.
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