Rupee breaks 79 per dollar mark for the first time

By VARINDIA - 2022-06-30

Rupee breaks 79 per dollar mark for the first time

The rupee breached the psychologically significant level of 79 per dollar level for the first time ever, marking the sixth straight session of all-time weak closes. The currency depreciated 18 paise to a record low close of 79.03 per dollar, provisionally weighed down by persistent foreign capital outflows driven by flight-to-safety bets.

 

During the session, the rupee touched an all-time low of 79.05 against the American currency. The rupee slid to as low as 79.06 in the over-the-counter market just after the formal end to trading. The Reserve Bank of India (RBI) was seen arbitrating the currency market, particularly in the closing hours of trade. It is estimated to have sold about $700 million to help arrest the rupee's slide.

 

The rupee has hit a series of lifetime lows this month since breaching the 78-to-a-dollar rate as concerns around growth, portfolio outflows, high global crude prices, and sustained inflation have weighed on the currency.

 

The rupee remained one of the worst performing Asian currencies as the unit is still considered overvalued. The currency has closed at a new record low in each of the previous six sessions. In just a week, Brent crude oil prices soared nearly 10% to about $119 per barrel. This has stoked concerns of a wider current account deficit, which was already at a three-year high in FY22.



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