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Rupee marks biggest monthly losing streak since 1985, braces for Fed move

Oil importers' dollar purchases, breach of technical levels drag rupee lower

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So far in 2022, the rupee has depreciated 10.2 per cent against the greenback

3 min read Last Updated : Oct 31 2022 | 11:29 PM IST

The rupee weakened sharply versus the US dollar on Monday as the greenback strengthened globally ahead of a likely rate hike by the Federal Reserve later this week. A flurry of dollar purchases by oil importers also dragged the rupee lower, dealers said.

The domestic currency settled at 82.78 per US dollar on Monday against 82.47 per dollar at close on Friday. So far in 2022, the rupee has depreciated 10.2 per cent against the greenback.

Accounting for Monday’s closing level, the rupee has registered the 10th monthly decline against the US dollar, the longest weakening streak since 1985, Reuters

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