Investors are eagerly waiting for the US Federal Reserve meeting scheduled on July 26-27 to see how aggressive the central bank will be in hiking the interest rates to deal with searing inflation.
The rupee on Tuesday for the first time ever touched the 80 mark ever after crude oil prices hiked on concerns about tighter supplies globally, with the rupee weakening for the 8th consecutive session.
According to Bloomberg, the Indian currency was last at 80.0163 against the dollar after opening at 79.9863, hitting an intra-day record low of 80.0175. According to news agency PTI, the rupee was at an all-time low of 80.05 against the greenback in early trade, a gain of 7 paise from the previous close.
Investors are eagerly waiting for the US Federal Reserve meeting scheduled on July 26-27 to see how aggressive the central bank will be in hiking the interest rates to deal with searing inflation. The latest data of the US reinforces the policymaker’s support for another 75 basis point surge, as reported by Bloomberg Economics.
Foreign fund outflows from the country in the financial year are more than the combined inflows of the last two years, with foreign investors distancing themselves from Indian assets, $29billion has been pulled out.
The news flow in recent months has read that the rupee hits an all-time -low on a daily basis and the trend is likely to continue, traders said.
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