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Rupee Closes At All Time Low Of 77.73 Against Dollar

In the fifth record weak close in the last ten trading sessions, the Indian rupee today ended at an all-time low of 77.73 against the dollar. This comes at a time when even the dollar took a breather after heavy gains.

While PTI reported that the currency ended provisionally at 77.72 per dollar, Bloomberg stated that the partially-convertible rupee weakened to its lifetime low close of 77.73.

The rupee, at the interbank foreign exchange market, opened lower at 77.72 against the greenback. The Indian currency ranged between a low of 77.76 and a high of 77.63 in intra-day trading.

On worries over stubborn inflation and economic slowdown, the rupee on Wednesday had closed at a record low of about 77.61 against the greenback.

Despite the rupee closing at a new lifetime-weak level for the fifth time in the last ten days, its losses without the RBI’s intervention would have been much more. 

Since the rupee hit a record low for the first time this year in March, days after Russia invaded Ukraine, India’s central bank has defended the rupee by burning through its foreign exchange reserves.

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