Business Standard

Rupee ends at record low as rebound in crude deepens CAD, inflation worries

Settles at 78.0825 to the dollar as against 77.9800 at 3:30 p.m. on Monday. The previous record closing low for the domestic currency was 78.0700 on June 17

Rupee falls

Hardening crude oil prices add to India’s import bill and pose a significant upside risk to inflation as the country is the world’s third largest importer of the commodity.

Bhaskar Dutta Mumbai
The rupee settled at a fresh record low against the dollar on Tuesday as a rebound in global crude oil prices stoked worries over India’s current account deficit (CAD) and inflation.

A spate of overseas investment outflows from the financial markets, particularly equities, also weighed on the domestic currency, foreign exchange dealers said.

The partially-convertible rupee settled at 78.0825/$1 against 77.9800/$1 at 3:30 pm on Monday. The previous record low (closing) for the domestic currency was 78.0700/$1 on June 17.

Government bonds, too, weakened owing to the worries over elevated domestic inflation, with yield on the 10-year benchmark 6.54 per cent 2032 paper

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First Published: Jun 21 2022 | 7:19 PM IST

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