Rupee crosses significant 82 mark vs greenback on US rate hike concerns

7 Oct 2022 , 01:11 PM

The Indian rupee hit a record low of 82.38 against the US Dollar on Friday, following hawkish comments by US Fed officials overnight. The domestic currency was trading 0.68% or 55 paise lower.

In the current calendar year, the domestic currency has depreciated around 10.6% amid flight safety towards the American currency amid macroeconomic concerns and Fed rate rises.

On Thursday, Chicago Fed President Charles Evans highlighted that Fed’s policy rate is projected to rise to 4.5%-4.75% by the spring of 2023 as the Fed hikes borrowing rates to combat excessive inflation.

The dollar index, which measures the value of the US currency against a basket of six major currencies, was trading over the 112-mark after a two-day surge.

Brent oil futures have crept closer to $95 per barrel. Oil prices have risen since OPEC+ decided to reduce global supply.

On the global front, Global oil benchmark Brent crude was trading 0.17% higher at 94.58. US WTI Crude was at 88.54, up by 0.16%.

At around 1.01 PM, Domestic markets set a muted tone as benchmark indices remained under pressure. BSE Sensex was trading 200 points lower at 58,021. NSE Nifty lost 70 points at 17,262.

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