Currency Buzz: INR Hits Fresh All-Time Low Of 77.81 Per Dollar

9 Jun 2022 , 05:17 PM

The Indian rupee depreciated by 8 paise to close at 77.76 (provisional) against the US dollar on Thursday, weighed down by elevated crude oil prices and persistent foreign capital outflows. At the interbank foreign exchange market, the rupee opened lower at 77.74 against the greenback and finally settled at 77.76, down 8 paise over its previous close. During the session, the rupee touched an all-time low of 77.81 against the American currency. On Wednesday, the rupee had recovered from its record low to close 10 paise higher at 77.68. The Reserve Bank of India (RBI) on Wednesday raised the key interest rate by 50 basis points, the second increase in five weeks, to rein in the rise in prices that it saw continuing to hurt consumers in the near-term. The rate hike comes on the back of a 40 bps increase by the RBI at an unscheduled meeting on May 4. Powered by Commodity Insights