Sunday, February 5, 2023

Rupee sinks to lifetime low

The rupee slumped 30 paise to close at a fresh lifetime low of 81.09 against the US dollar on Friday, weighed down by the strong American currency overseas and risk-off sentiment among investors.
At the interbank foreign exchange market, the local currency breached the 81-mark for the first time ever and slumped to 81.23 against the American currency.
It finally ended at 81.09, down 30 paise over its previous close. On Thursday, the rupee plunged by 83 paise — its biggest single-day loss in nearly seven months — to close at 80.79, its previous record low. This is the third straight session of loss for the Indian currency during which it has lost 124 paise against the US dollar.

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