Indian Rupee: Under Severe Pressure As Dollar Stands Tall

22 Sep 2022 , 09:38 AM

The Indian rupee hit fresh record low against the dollar and is expected to continue losing spree on Thursday amid a string dollar overseas post a Fed rate hike. A big 75 bps rate hike coupled with hawkish stance on future rate hike is keeping greenback robust. The dollar index rose as much as 1% to 111.47, its highest level since June 2002, while 10-year U.S. Treasury yields surged to a 11-year high. O Wednesday, rupee endd lower by 26 paise to close at 80.00 (provisional) against the US dollar. At the interbank foreign exchange market, the domestic currency opened at 79.81 per dollar. It hovered in a range of 79.79 to 80.00 during the session. Powered by Commodity Insights