Currency Buzz: INR Crashes Below 83/$ Mark For First Time Ever

19 Oct 2022 , 05:02 PM

The Indian rupee plunged 61 paise to decline below the 83-mark for the first time against the US dollar on Wednesday amid unabated foreign capital outflows and a strong dollar in the overseas markets. Besides, rising crude prices in the international markets and risk-averse sentiment among investors weighed on the local currency. At the interbank foreign exchange market, the local currency opened strong at 82.32 but later pared gains to settle at an all-time low of 83.01(provisional) against the American currency, down 61 paise over its previous close. Powered by Commodity Insights