Rupee falls to a lifetime low, breaches 81 mark versus USD

ANI
23 Sep 2022, 17:48 GMT+10

Mumbai [India], September 23 (ANI): Indian rupee fell to an all-time low against the US dollar on Friday, breaching the 81 mark, as the greenback strengthened on the back of the Federal Reserve repo rate hike.

The local currency was trading at 80.998 at 4 pm IST, and was trading at 80.856 vs dollar in the afternoon. Globally, the dollar has surged over the past few days as the US Fed has signalled a longer-than-expected tightening cycle.

At 09:25 am IST on Friday, the local currency was trading at 81.13. The rupee had plunged 1.1 per cent against the dollar on Thursday, closing at a record low of 80.87 per dollar.

Geojit Financial Services Research Head Vinod Nair: "A rise in the US 10-year bond yield and a strong dollar index influenced FIIs (foreign institutional investors) to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation have set the market outlook bearish for the near term."With reference to the Indian scenario, Nair also said: "With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection. The current volatility might persist for a while. Investors are advised to wait and watch until the dust settles."On Wednesday, government bonds also started extending sharp losses with the yield on the 10-year benchmark bond last trading 7 basis points higher at 7.38 per cent. Bond prices and yields move inversely.

Domestic equity markets edged lower in Friday's trade. Key indices Nifty50 dropped over 300 points to trade near the 17,300-level and SP BSE Sensex fell more than 1,100 points during the Friday session. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sierra Leone Times.

More Information

null in null

Business

Section

Data center safety system nearly sparked US power crisis

Big Tech's data center boom poses new risk to US grid operators

BOSTON, Massachusetts: A routine safety mechanism at data centers nearly triggered a regional power crisis last summer, highlighting...

Air France unveils luxury first-class suite to lure elite travelers

Air France renews first-class suites in battle for high-rollers

PARIS, France: Air France is making a bold bet on luxury travel with the launch of an upgraded first-class suite, aiming to attract...

US homebuilding, manufacturing jump in February, but tariff costs loom

US homebuilding, manufacturing surge; tariffs cast pall over recovery

WASHINGTON, D.C.: U.S. home construction and manufacturing activity surged in February, but rising costs from tariffs and economic...

U.S. stock markets end marginally higher at week's-end

Soft day on Wall Street Friday, Dow Jones edges up 32 points

NEW YORK, New York - Uncertainty continues to plague investors on Wall Street with Friday's trading being volatile and weak. The major...

US factory output rises in February, led by auto rebound

US manufacturing output accelerates in February

WASHINGTON, D.C.: U.S. factories ramped up production in February, with a sharp rebound in motor vehicle output helping to drive manufacturing...

Israeli government asks Musk to submit tender on vehicle-provisioning

Israel invites Tesla to bid on supplying government vehicles

Elon Musk's Teslas' are in the running to take over the transport of Israel's government officials. Musk's company, Tesla Inc., has...

Africa

Section