Stay updated with breaking news from Rupee Record Low. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The rupee dropped to a lifetime low of 83.3050 to the dollar, down from 83.2800 in the previous session. The previous lifetime low was 83.2950. "Its clear that the Federal Reserve wants to maintain a tightening impulse. This makes sense, as any hint of neutrality would hasten a market dash to discount rate cuts," a Reuters report said quoting an ING Bank note.
Market sources told ET that the trading outage, which occurred around mid-day, resulted in orders drying up, exacerbating volatility in the rupees exchange rate amid a global selloff in stocks and bonds due to hawkish comments by the US Federal Reserve chairman
The RBI (Reserve Bank of India) needed to make its presence felt just before open, or we would have seen a big move on the upside (on USD/INR)," a trader said.
The rupee closed at 83.2675 against the U.S. dollar, compared with 83.1850 in the previous session. The local unit weakened beyond its previous record closing of 83.2175 hit earlier this month
Rupee tasted yet another lifetime low on Friday morning after the US dollar index strengthened to a two-decade high this week,