Indian Rupee: Seen Tumbling Further To Hit New Record Lows

7 Oct 2022 , 09:09 AM

The Indian rupee is seen tumbling against the dollar in early trades on Friday, October 7, 2022 tracking an overnight surge in dollar and crude oil prices that weigh heavily on the currency. On Thursday, rupee plunged more than 60 paise to close at an all-time low of 82.25 against the US dollar. The World Bank on Thursday projected a growth rate of 6.5% for the Indian economy for the fiscal year 2022-23, a drop of one percent from its previous June 2022 projections, citing deteriorating international environment. Overseas, Asian stocks are trading lower on Friday ahead of the monthly U.S. jobs report, which is likely to guide the Federal Reserves monetary decision in November. Markets in mainland China remain closed for a holiday. Wall Streets major indexes closed lower on Thursday as concerns mounted ahead of closely watched monthly nonfarm payrolls numbers due on Friday that the Federal Reserves aggressive interest rate stance will lead to a recession.Powered by Commodity Insights