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.

Related posts