ANI
23 Sep 2022, 17:48 GMT+10
Mumbai [India], September 23 (ANI): Indian rupee fell to an all-time low against the US dollar on Friday, breaching the 81 mark, as the greenback strengthened on the back of the Federal Reserve repo rate hike.
The local currency was trading at 80.998 at 4 pm IST, and was trading at 80.856 vs dollar in the afternoon. Globally, the dollar has surged over the past few days as the US Fed has signalled a longer-than-expected tightening cycle.
At 09:25 am IST on Friday, the local currency was trading at 81.13. The rupee had plunged 1.1 per cent against the dollar on Thursday, closing at a record low of 80.87 per dollar.
Geojit Financial Services Research Head Vinod Nair: "A rise in the US 10-year bond yield and a strong dollar index influenced FIIs (foreign institutional investors) to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation have set the market outlook bearish for the near term."With reference to the Indian scenario, Nair also said: "With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection. The current volatility might persist for a while. Investors are advised to wait and watch until the dust settles."On Wednesday, government bonds also started extending sharp losses with the yield on the 10-year benchmark bond last trading 7 basis points higher at 7.38 per cent. Bond prices and yields move inversely.
Domestic equity markets edged lower in Friday's trade. Key indices Nifty50 dropped over 300 points to trade near the 17,300-level and SP BSE Sensex fell more than 1,100 points during the Friday session. (ANI)Get a daily dose of Perth Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Perth Herald.
More InformationGENEVA, Switzerland: A new United Nations report alleges that dozens of global corporations are profiting from and helping sustain...
LONDON/STOCKHOLM: The Persson family is ramping up its investment in the H&M fashion empire, fueling renewed speculation about a potential...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....
SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...
Washington DC [US], July 3 (ANI): American tech giant Microsoft will lay off nearly 9,000 employees, about 4 per cent of its workforce...
Nearly three months after a devastating earthquake struck Myanmar, the country remains trapped in a deepening crisis, compounded by...
MELBOURNE, Australia: A second embryo mix-up in just two months has pushed one of Australia's largest IVF providers back into the spotlight,...
SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...
New Delhi [India], July 4 (ANI): In one of the largest crackdowns on the illegal pharmaceutical trade, the Narcotics Control Bureau...
Washington DC [US], July 3 (ANI): External Affairs Minister S Jaishankar said that the South China Sea was discussed during the Quad...
New Delhi [India], July 3 (ANI):Union Home Minister Amit Shah has congratulated the Narcotics Control Bureau (NCB) and all agencies...