Rupee hits record low tracking crude rise, weak shares
The partially convertible rupee was trading at 77.78/79 per dollar after touching a record low of 77.81.
- Jun 9, 2022,
- Updated Jun 9, 2022 12:27 PM IST
The Indian rupee hit a record low against the U.S. dollar on Thursday as the relentless surge in global crude oil prices raised concerns of a sustained rise in imported inflation, while weakness in domestic shares also hurt.
The partially convertible rupee was trading at 77.78/79 per dollar after touching a record low of 77.81. The previous life low of 77.7975 was touched on May 17.
Oil prices held firm near 13-week highs on Thursday after China reported stronger-than-expected exports in May, although new Shanghai lockdown restrictions capped gains.
Indian shares were trading slightly lower but foreign investors have remained net sellers of equities in recent months.
The Indian rupee hit a record low against the U.S. dollar on Thursday as the relentless surge in global crude oil prices raised concerns of a sustained rise in imported inflation, while weakness in domestic shares also hurt.
The partially convertible rupee was trading at 77.78/79 per dollar after touching a record low of 77.81. The previous life low of 77.7975 was touched on May 17.
Oil prices held firm near 13-week highs on Thursday after China reported stronger-than-expected exports in May, although new Shanghai lockdown restrictions capped gains.
Indian shares were trading slightly lower but foreign investors have remained net sellers of equities in recent months.