Rupee slips 16 paise to hit record low of 77.60 against US dollar
The decline was led by rise in crude oil prices and US Federal Reserve’s move to increase rates to keep inflation in check.
The rupee on Wednesday slipped by 16 paise to touch a record low of 77.60 against the US dollar, PTI reported.
After opening at 77.57, the rupee plunged to 77.61 due to outflow of foreign fund following the remarks of United States Federal Reserve chief Jerome Powell. He had said that the Federal Reserve would increase interest rates to keep inflation in check in the US.
The rupee was also impacted by the rise in crude oil prices, which surged by over 1%, PTI reported.
At the end of the session, the rupee finished at 77.60, dropping from its previous close of 77.44.
The 30-share BSE Sensex finished trading at 54,208.53, down by 109.94 points or 0.20%. The broader 50-share NSE Nifty closed at 16,240.30, a dip of 19 points or 0.12%.
“The dollar index took support near 103.50 and the capital market witnessed profit booking from higher levels, sending rupee into weakness,” Jateen Trivedi, Research Analyst at LKP Securities, told PTI.