INR Falls To New Lows; Approaches 80/$

14 Jul 2022 , 12:55 PM

The Indian rupee plunged to new lifetime lows, approaching Rs 80 per dollar on Thursday, as dollar stood tall amid expectation of an oversized rate hike by the Federal Reserve following red hot US inflation data. The report showed the consumer price index shot up by 1.3 percent in June after jumping by 1.0 percent in May. With the bigger than expected monthly increase, the annual rate of consumer price growth accelerated to 9.1 percent in June, reflecting the fastest growth since November 1981. Besides, weak equities and sustained foreign fund outflows from the Indian market have kept rupee sentiments bleak for a while now. INR/USD dropped to an all-time low of 79.90 and is last seen trading at 79.88 against the dollar. The benchmark 10-year bond yields rose 5 basis points to 7.39%. Powered by Commodity Insights