Re settles at record low of 78.32 vs USD


Mumbai, June 23

The rupee on Thursday closed at its all-time low of 78.32 against the US dollar as strong American currency and persistent foreign fund outflows weighed on investor sentiments.

At the interbank foreign exchange market, the local currency opened higher at 78.26 and rose to the day’s high of 78.22 due to weakness in the US dollar and crude oil in early trade.

However, a rebound in the greenback and Brent crude later hit the rupee sentiment, pushing the local currency to the day’s low of 78.38. The rupee finally settled unchanged at 78.32, its record low level against the US dollar.

The dollar had weakened in the early session in Asia after the US Federal Reserve chairman said a recession is possible as the US central bank raises interest rates to cool surging inflation.

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