Indian currency hits new record low of 78.29 against the greenback

22 Jun 2022 , 01:43 PM

In Wednesday’s trading session, the rupee fell to a record low of 78.29 against the dollar as South Asian currencies declined against a stronger dollar.

The previous session’s closing rate for the local currency was 78.13 to the dollar.

The recent decline was accompanied by selling in currencies and stocks of emerging markets before US Fed Chair Jerome Powell’s appearance at the US Congress later that day. Powell is anticipated to restart the Fed’s effort to reduce inflation. This has supported the dollar’s stability against a variety of currencies from emerging markets. It was the same with the Indian rupee.

The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, increased 0.32% to 104.76.