Sunday, August 14, 2022

Rupee declines to life-time low

The rupee declined by 4 paise to close at its life-time low of 78.37 against US dollar Monday due to persistent foreign fund outflows and slowdown fears.
Firm crude oil prices in the international market and weak macro data put pressure on the domestic unit. However, a weak dollar overseas supported the local currency, forex dealers said.
At the interbank forex market, the local unit opened sharply higher at 78.24 against the greenback, but pared all of its initial gains to settle lower by 4 paise at a record low of 78.37.
It witnessed an intra-day high of 78.24 and a low of 78.37.
In the previous session, the rupee had settled at 78.33 against the greenback.


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