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Currency Buzz: INR Plummets To Fresh Lows; Breaches 82/$ Mark For First Time Ever

Currency Buzz: INR Plummets To Fresh Lows; Breaches 82/$ Mark For First Time Ever

September 28, 2022 4:59 IST | capital market
The Indian rupee plunged 37 paise to close at an all-time low of 81.90 (provisional) against the US dollar on Wednesday as the strengthening of the American currency overseas and risk-averse sentiment among investors weighed on the local unit. In the intra-day trade, the rupee slipped below the 82-level for the first time against the American currency, as a negative trend in domestic equities and significant foreign fund outflows sapped investor appetite. At the interbank foreign exchange market, the local currency opened at 81.90, then fell further to close at an all-time low of 81.90 against the American currency, registering a decline of 37 paise over its previous close. DXY increased to a 20-year high of 114.63 after a White House official ruled out a currency agreement to weaken the currency. Meantime, Chicago Fed President Charles Evans and St. Louis Fed President James Bullard made a case for more rate hikes, reaffirming the central banks commitment to tame inflation even at the risk of a recession. Powered by Commodity Insights

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