Currency Buzz: INR Slides To Fresh Lows, Hits 78.30/$

22 Jun 2022 , 03:03 PM

The Indian rupee plummeted sharply on Wednesday to hit fresh record low of 78.30 against the dollar, battered by a firm dollar overseas. The dollar index that measures the greenback against a basket of currencies was higher by 0.20% at 104.41, hovering at two-decade highs. Besides, muted trend in the domestic equity market also weighed on the local unit. However, lower crude prices in the international market supported the local unit and restricted its fall. At the interbank foreign exchange, the rupee opened unchanged at 78.13 against the US dollar, then dropped lower to quote 78.30, before recovering to 78.21. In the previous session, the rupee had closed at 78.13 against the US dollar. Meanwhile, foreign institutional investors remained net sellers in the capital market on Tuesday as they offloaded shares worth Rs 2,701.21 crore, as per exchange data. Powered by Commodity Insights