Currency Buzz: INR Plunges To Fresh Record Lows

12 May 2022 , 05:07 PM

The Indian rupee snapped its two-day winning streak and slumped by 15 paise to end at 77.40 (provisional) against the US dollar on Thursday, following risk-off sentiments amid increasing concerns over inflation globally. At the interbank forex market, the rupee opened steeply lower at 77.52 against the greenback and plunged to new record low of 77.63 in the day trade, weighed down by weak domestic equities, surging US dollar in overseas markets and persistent foreign fund outflows. The rupee finally ended at 77.40, down by 15 paise over its previous close. The rupee had settled at 77.25 against the US dollar on Wednesday. On May 9, the domestic unit had closed at the record low of 77.44 against the greenback. Powered by Commodity Insights