Amid Crude Price Surges Rupee Hits Record Low Against Dollar | Latest News | English News
June 22, 2022
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2:27Now PlayingAmid Crude Price Surges Rupee Hits Record Low Against Dollar | Latest News | English News
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as posted by the channelOn Tuesday, the rupee reached a new record low versus the dollar as concerns over India's inflation and current account deficit were heightened by a recovery in the price of crude oil globally. According to foreign exchange dealers, a wave of outflows of foreign capital from the financial markets, particularly from equity markets, also put pressure on the native currency. At 3:30 pm on Monday, the partially convertible rupee ended at 78.0825/$1 vs 77.9800/$1. On June 17, the local currency reached its previous low record of 78.0700/$1. Because of concerns about strong domestic inflation, government bonds also declined, with the yield on the benchmark 10-year paper, which was 6.54 percent in 2032, finishing 3 basis points (bps) higher at 7.48 percent. The movement of bond prices and yields is opposite.
#RupeevsDollar #Inflation #LatestNews
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