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Rupee slips to 78.68 against US dollar
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IANS | 28 Jun, 2022
The increasing global crude oil prices and inflation concern turned
slippery for the Indian rupee as it went down against the US dollar on
Tuesday.
Further, foreign investors (FII) continued to sell their equity holdings on the bourses.
The Indian rupee opened at Rs 78.50 and went down to touch a fresh record low of 78.68 against the dollar.
As crude prices increase, the rupee may further slip down, analysts said.
The
Reserve Bank of India (RBI) intervened by selling dollars to stabilise
the rupee rate but the demand for the US currency was high.
According
to a report by Emkay Global Financial Services Ltd, a total of $34
billion (FII equities and FII debt) has flown out of India during the
last eight months.
As the world faces dollar funding stress, the
RBI's foreign exchange management strategy (spot intervention + Buy-Sell
swaps) could backfire, if persisted for long, Emkay Global said.
According
to Emkay Global, the Indian rupee performance has been caught between
worsening external terms of trade led by oil, a fast-changing global
risk environment, sharp foreign portfolio investments (equity) outflows
and the RBI's foreign exchange stance.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
| Japanese
Yen |
55.05 |
53.40 |
| As on 12 Oct, 2024 |
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