Currency Buzz: INR Tanks To Fresh Lows; Eyes Rs 79/$

29 Jun 2022 , 03:19 PM

The Indian rupee tanked to fresh record lows against the dollar on Wednesday as equities tumbled on sustained foreign fund inflows. Asian stock markets suffered losses after weak US consumer confidence data dragged US stocks lower amid fears of higher interest rates hurting economic growth. Besides, elevated crude oil prices and recovery in the dollar since previous session added further pressure on the domestic unit that is likely to breach 79 levels soon. Foreign Institutional Investors have net sold $6.3 billion of stocks so far in June, the largest monthly outflow so far in 2022. So far in the calendar year, foreign investors have net sold $28.3 billion of equities. The domestic currency was down 18 paise at Rs 78.95 against the greenback. On Tuesday, the rupee had settled at a record closing low of 78.77 per US dollar. Powered by Commodity Insights