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Rupee hits yet another record closing low on Wednesday
Jun-29-2022

Indian rupee continued to slide against the American currency for the fourth day and hit yet another record closing low on Wednesday, as worries about elevated oil prices and inflation returned to the forefront. The sentiment remained feeble for the rupee amid foreign fund outflows. As per stock exchange data, foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 1,244.44 crore. Traders also remained anxious with a private report that after a gap, the prices of select varieties of pulses have started rising for the past few days due to a delay in the onset of the southwest monsoon over major growing regions of Madhya Pradesh, Maharashtra, and Gujarat. On the global front, dollar edged higher on Wednesday, keeping its index against major peers nestled below a two-decade high struck two weeks ago, with investors seeking safety in U.S. assets as stocks declined globally due to the mounting risk of a recession.

Finally, the rupee ended at 79.03 (provisional), weaker by 18 paise from its previous close of 78.85 on Tuesday. The currency touched a high and low of 79.05 and 78.86 respectively.

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