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The rupee drops to a historic low of 80.15 against the dollar, following Powell's aggressive comments
The rupee weakened 31 paise to an all-time low of 80.15 against the US dollar in early trade on Monday, tracking the strength of the US currency and firm oil prices. At the interbank foreign exchange market, the rupee opened at 80.10 against the dollar before losing ground to trade at 80.15, down 31 paise from its last close.
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On Friday, the rupee's exchange rate to the dollar reached 79.84. The dollar index, which gauges the strength of the dollar against a basket of six different currencies, was up 0.51 percent at 109.35. Forex traders said the dollar index rose after Federal Reserve Chairman Jerome Powell took a hawkish tone to fight inflation. According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the rupee opened on a weak note after hawkish Powell kept the US rate hike in the forefront until inflation eased to 2 percent. "The other important events are PMI and NFPR US which will give an indication of how the economy and labor markets are behaving," Bhansali said. Global benchmark Brent crude futures rose 0.86 percent to $101.86 a barrel. In the domestic stock market, the 30-share Sensex was trading 966.68 points or 1.64 percent lower at 57,867.19, while the broader NSE Nifty was down 283.90 points or 1.62 percent at 17,275.00. Foreign institutional investors were net sellers in the capital market on Friday, offloading shares worth Rs 51.12 crore, according to exchange data.
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On Friday, the rupee's exchange rate to the dollar reached 79.84. The dollar index, which gauges the strength of the dollar against a basket of six different currencies, was up 0.51 percent at 109.35. Forex traders said the dollar index rose after Federal Reserve Chairman Jerome Powell took a hawkish tone to fight inflation. According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the rupee opened on a weak note after hawkish Powell kept the US rate hike in the forefront until inflation eased to 2 percent. "The other important events are PMI and NFPR US which will give an indication of how the economy and labor markets are behaving," Bhansali said. Global benchmark Brent crude futures rose 0.86 percent to $101.86 a barrel. In the domestic stock market, the 30-share Sensex was trading 966.68 points or 1.64 percent lower at 57,867.19, while the broader NSE Nifty was down 283.90 points or 1.62 percent at 17,275.00. Foreign institutional investors were net sellers in the capital market on Friday, offloading shares worth Rs 51.12 crore, according to exchange data.
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