Rupee weakens nearly 10% by end of Samvat 2078 on global pressures

A weakening bias in the rupee continued in October with foreign portfolio investment outflows, pushing it above 82 levels

Reflecting global headwinds, especially the Russia-Ukraine war and aggressive tightening by the US Federal Reserve, the rupee depreciated by 9.95 per cent to close at Rs 82.69 to the dollar on October 21, 2022, marking the end of Samvat 2078.

The currency exhibited two-way movements during October 2021-March 2022, and, on average, depreciated.

It had traded with an appreciating bias between mid-October and mid-November last year. In the following months, it went down amid foreign investors taking out money, the strengthening dollar, a rise in crude oil prices, and escalating geopolitical tensions, touching a low of Rs 76.924 on March 7, 2022.

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