Indian currency rupee slumped at a fresh lifetime low of 80.98 against the U.S. dollar on Friday, weighed down by the strong American currency overseas and risk-off sentiment among investors.
At the interbank foreign exchange market, Indian currency breached the 81-mark for the first time ever and slumped to 81.23 against the dollar, reports The Hindu.
On Thursday, the rupee plunged by 0.83 — 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 rupee during which it has lost 1.24 against the dollar.
Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the U.S. Fed and Bank of England in a bid to contain inflation sapped risk appetite.
Further, the strength of the dollar in the overseas market, a negative trend in domestic equities, and risk-off mood amid escalation of geopolitical risk in Ukraine weighed on the local unit.
Bd-pratidin English/Tanvir Raihan.
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