Currency Buzz: INR Slides To Fresh Lows

26 Sep 2022 , 05:31 PM

The Indian rupee plunged 58 paise to close at an all-time low of 81.67 (provisional) against the US dollar on Monday as the strengthening of the American currency overseas and risk-averse sentiment among investors weighed on the local unit. The US dollar index is hovering at fresh two decade peaks of 113.47, having hit 114 levels earlier in the day while benchmark US treasury yields are staying close to 3.8%. Moreover, escalation of geopolitical risks due to conflict in Ukraine, 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 81.47, then fell further to close at an all-time low of 81.67 against the American currency, registering a decline of 58 paise over its previous close. The domestic benchmark bond yields ended at 7.43%. Powered by Commodity Insights