In the interbank foreign exchange market on Friday, the rupee opened 12 paise lower at 79.25 against the US dollar.
The rupee fell against the US dollar.
The rupiah fell to 79.25 against the U.S. dollar in early trading on Friday as rising global recession risks pushed the Indian currency to a record high.
In the interbank foreign exchange market on Friday, the rupee opened 12 paise lower at 79.25 against the US currency, PTI reported.
The rupiah will trade near its all-time low in three months, battered by widening trade and current account deficits, according to a Reuters poll where nearly one in three analysts expect it to weaken at 80 to the dollar by September.
Although the Reserve Bank of India’s intermittent dollar sales helped limit losses, rising global crude oil prices and steady capital outflows widened its current account deficit, driving the rupee lower.
But the worst is still not over.
While the July 1-6 poll of more than 40 forex analysts showed the rupee is now expected to trade around 79 to the dollar by the end of September, almost a third of those polled predict that ‘it will be at a new historic low of 80 to the dollar. or more, according to a Reuters report.
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