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Home News Compared to US dollar, the rupee plunges 51 paise to a new all-time low of 80.47
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Compared to US dollar, the rupee plunges 51 paise to a new all-time low of 80.47

Hitesh Sharma September 22, 2022 3 min read 0
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The US Federal Reserve’s hike in interest rates and its hawkish posture weighed on the market mood, which caused the rupee to fall 51 paise to a record low of 80.47 versus the dollar in early trade on Thursday.

The local currency has been trading at 80.47 versus the dollar at the interbank foreign exchange, dropping to 51 paise from its earlier estimate. In the first trades, the rupee hit a record low against the dollar of 80.47.

The local currency, according to forex traders, was hurt by the strength of the American dollar on the international market, a flat domestic equity market, risk-off sentiments, and robust crude oil prices.

Falling Rupee Value

On Wednesday, the rupee depreciated 22 paise and finished the day at 79.96 against the mighty dollar. The US Federal Reserve increased the interest rate by 75 fundamental points to 3.25%. This was the 3rd consecutive increase of 75 basis points. Fed Chair Jerome Powell reiterated the Fed’s commitment to keeping inflation under control at his news conference.

According to IFA Global Research Academy, the Reserve Bank of India may also attempt to modify its intervention function in light of the widespread dollar strength. On Thursday, we’re most likely to witness a range of 80.10 to 80.50.

It added that attention will be paid to the monetary policies included in the Bank of England (BoE) as well as the Bank of Japan (BoJ) with the BoE anticipated to raise rates by 50 basis points.

The dollar index, which measures the value of the dollar against one basket of 6 different currencies, rose 0.88 percent to 111.61.

Benchmark Brent crude futures for the world’s oil increased 0.49 % to USD 90.27 per barrel.

The 30-share BSE Sensex was down 166.77 points, or 0.28 percent, at 59,290.01 on the domestic equities market, whilst the larger NSE Nifty was down 41.15 points, or 0.23 percent, at 17,677.20.

According to exchange data, foreign institutional investors sold shares worth Rs 461.04 crore on Wednesday, making them net sellers within the capital market.

Impact on Indian stocks

Indian stock markets continue to perform weakly as the rupee drops to an all-time low against the US dollar Stock market updates: In the meantime, Indian stocks decreased on Thursday morning, albeit little, in line with negative global indications.

In the meantime, Indian stocks decreased on Thursday morning, albeit little, in line with negative global indications. Nifty was trading at 17,671.95 points just at the opening bell, dropping 46.40 points or 0.26 percent, while the Sensex was trading at 59,303.96 points, down 152.82 points or 0.26 percent. HCL Technologies, Power HDFC, Bajaj Finserv, Wipro, Tech Mahindra, HDFC Bank, Grid, and ICICI Bank were the top laggards amongst the 30-share Sensex group. ITC, IndusInd Bank, Maruti, and Hindustan Unilever were all among the top gainers in the first hour of trade.

Markets in Seoul, Shanghai, Tokyo, and Hong Kong were trading lower elsewhere in Asia.

The BSE benchmark dropped 262.96 points, or 0.44 percent, to end the day at 59,456.78. The Nifty finished at 17,718.35, down 97.90 points, or 0.55 percent. In the meantime, the price of a barrel of Brent crude, the international standard, increased by 0.5% to USD 90.27. The US central bank expects that the continuous increases in the target range would be reasonable as it works toward long-term goals of maximum employment and inflation at a rate of 2%. A weapon of monetary policy that normally works to reduce demand in the economy as well as lower inflation is raising interest rates.

Conclusion

Following the US Federal Reserve’s interest rate increase, the rupee lost 51 paise, reaching an all-time low of 80.47 versus the dollar in premarket trading on Thursday.

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