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Rupee Closes At A New All-Time Low, Tracking Higher Oil And Reversal In Stocks

Rupee Closes At A New All-Time Low, Tracking Higher Oil And Reversal In Stocks
Written by Arindam

Rupee Closes At A New All-Time Low, Tracking Higher Oil And Reversal In Stocks

Rupee closes at a new life low on Wednesday

The rupee closed at a new all-time low of about 77.58 against the dollar on Wednesday, tracking a rise in crude prices and a reversal in domestic stocks, with the two-day relief rally in equity benchmarks coming to an end.

A rebound in stocks ran out of steam on Wednesday as concerns about the economic growth outlook and rising inflation knocked sentiment.

The rupee started on a weak note and closed out the day at a fresh record low of 77.5788 a dollar as of 15:30 Indian Standard Time (IST), according to Bloomberg. Investing.com showed the rupee was last changing hands at 77.56 per dollar as of 1530 IST.

That comes a day after the rupee hit its record intra-day weak level of 77.7975 to a dollar before regaining some ground as the Reserve Bank of India intervened to stem the currency’s losses.

PTI reported that the rupee closed in the previous session at 77.44, with its previous life low close of 77.50 on Thursday.

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