August 18, 2022

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Rupee ends today at ₹79.04, it’s weakest ever, and marks a record low

2 min read

The rupee depreciated 22 paise to a record low of 78.59 against the U.S. dollar in opening trade on June 28. Persistent foreign funds outflows weighed on investor sentiments, as the rupee weakened to its lowest point in recorded history.

The rupee opened on a weak note at 78.53 then went downwards to 78.59 — its all-time low level.

Global oil benchmark Brent crude futures rose 1.20% to $116.47 per barrel, further economic sanctions on Russia may also rive global energy prices higher and put pressure on emerging market currencies.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.01% lower at 103.92.

Foreign institutional investors offloaded shares worth ₹1,278.42 crore, as per stock exchange data, as indices trended downwards.

Indian indices halted their three-day gain on Tuesday amid weak global market trends and persistent foreign fund outflows.

The Sensex gained 16.17 points, or 0.03%, to close at 53,177.45, while Nifty50 added 18.15 points to end at 15,850.20.

Update:

The rupee breached the psychologically significant level of 79 for the first time ever on Wednesday, marking the sixth straight session of all-time weak closes as elevated oil prices and inflation returned weighed on emerging market assets.

PTI reported that the rupee depreciated 18 paise to a record low close of 79.03 per dollar, provisionally. It opened weak at 78.86 against the greenback, then lost ground to end provisionally at 79.03.

During the session, the rupee touched an all-time low of 79.05 against the American currency, PTI reported.

It closed slightly higher at 79.04 to the dollar, amid growing concerns over the slide.

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