ANI
23 Sep 2022, 17:48 GMT+10
Mumbai [India], September 23 (ANI): Indian rupee fell to an all-time low against the US dollar on Friday, breaching the 81 mark, as the greenback strengthened on the back of the Federal Reserve repo rate hike.
The local currency was trading at 80.998 at 4 pm IST, and was trading at 80.856 vs dollar in the afternoon. Globally, the dollar has surged over the past few days as the US Fed has signalled a longer-than-expected tightening cycle.
At 09:25 am IST on Friday, the local currency was trading at 81.13. The rupee had plunged 1.1 per cent against the dollar on Thursday, closing at a record low of 80.87 per dollar.
Geojit Financial Services Research Head Vinod Nair: "A rise in the US 10-year bond yield and a strong dollar index influenced FIIs (foreign institutional investors) to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation have set the market outlook bearish for the near term."With reference to the Indian scenario, Nair also said: "With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection. The current volatility might persist for a while. Investors are advised to wait and watch until the dust settles."On Wednesday, government bonds also started extending sharp losses with the yield on the 10-year benchmark bond last trading 7 basis points higher at 7.38 per cent. Bond prices and yields move inversely.
Domestic equity markets edged lower in Friday's trade. Key indices Nifty50 dropped over 300 points to trade near the 17,300-level and SP BSE Sensex fell more than 1,100 points during the Friday session. (ANI)Get a daily dose of Mexico Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.
More InformationNEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
Washington DC [US], July 11 (ANI): The response to the April 22 Pahalgam attack reflects a significant shift in India's counterterrorism...
Bengaluru (Karnataka) [India] July 11 (ANI): In the wake of widespread concern expressed in the public and media about the recent increase...
Bengaluru (Karnataka) [India], July 11 (ANI): Karnataka Deputy Chief Minister DK Shivakumar, on the occasion of World Population Day...
COLOMBO, July 11 (Xinhua) -- The cool water, accompanied by a gentle sea breeze, blew away the summer heat in Galle, Sri Lanka, inviting...
Fuel is only one of so many problems when death, destruction and displacement are being reported daily, as hopes for a possible ceasefire...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
MOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...