Rupee touches record low of 80 against US dollar, probable to reach below 79 soon

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The Indian rupee commences this week’s trading session by further rolling down against the US dollar at the interbank forex market. The local unit hit a record low of a little over 80 per dollar on Monday. The American currency corrected from its 20-year high mark against a basket of currencies as investors await major central banks policy announcements where a further aggressive rate hike is expected to tame inflation that is at multidecadal highs. The rupee is expected to range from 79.00-80.35 against the dollar this year, however, some solace is probable to be seen in March 2023-end quarter.

As per Investing.com data, the rupee shut at 79.96 against the US dollar higher by 17 paise compared to the last close. The local unit hit an intraday high of 80.075 – caressing a record low for the sixth consecutive session against the American currency.

Earlier, today the domestic currency did understand in the early deals and reached an intraday high of 79.714, tracking positive equities market, and a little drop in the dollar index. But the rupee stayed near the 80 levels during the closing hours.

Last week, on Friday, the rupee reached a low of 79.96 before correcting and shutting at 79.8775 against the dollar.

Sensex shut at 54,521.15 higher by 760.37 points or 1.41%. Nifty 50 leaped 229.30 points or 1.43% to 16,278.50. Banking, financials, IT, and metal stocks were leading performers.

This month, as of July 18, FPIs outflow in the Indian market is around ₹11,158 crore. Of which, an outflow of ₹9,067 crore is glimpsed in the equities market, while selloffs of ₹891 crore are listed in the debt market. There was an outflow of ₹1,140 crore and ₹59 crore in the debt-VRR and different market.