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Aug 29, 2022 2:44 PM -

Rupee hits record low, breaches 80 to a US dollar again

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Indian rupee again breached the psychologically crucial 80 mark to touch an all-time low of 80.11 in early trade on Monday tracking firmness in the US dollar.

At 10.43 a.m., the rupee traded at 80.020 covering some of its early morning depreciation. On Friday, it closed at 79.87 per US dollar.

In mid-July too, the rupee July slipped below 80 against the US dollar for the first time as high crude oil prices amid tighter global supplies boosted demands for the US dollar.

The US dollar strengthened sharply today after US Federal Reserve Chair Jerome Powell after Federal Reserve Chair Jerome Powell said the central bank won't back off in its fight against rising inflation -- which essentially means a further hike in interest rates.

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