Currency Buzz: INR Sinks To Fresh Lows Amid Strong Dollar

29 Aug 2022 , 05:18 PM

The Indian rupee recovered some of its losses to settle 10 paise down at 79.94 (provisional) against the US dollar on Monday, tracking the strength of the American currency and firm crude oil prices. INR dropped to a fresh all time low beyond Rs 80/$. At the interbank foreign exchange market, the local currency opened at 80.10 and fell to its all-time low of 80.15 against the US dollar in intra-day trade. The local unit finally settled at 79.94 a dollar, down 10 paise over its previous close of 79.84. On July 20, the rupee for the first time closed below the 80-mark at 80.05 against the American currency. Meanwhile, the dollar index, which gauges the greenbacks strength against a basket of six currencies, was trading 0.28 per cent higher at 109.10, after Federal Reserve Chair Jerome Powell adopted a hawkish tone to battle inflation.Powered by Commodity Insights