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Rupee breaches 77 mark, touches record low

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Forex

Recent rate hike by the US Fed has further intensified FII selling in the domestic market: Analyst

The rupee sank to a record low as the dollar gained against major global currencies on the US Fed rate hike and the continuing sell-off in the Indian equity market. The rupee opened weaker at 77.04 to the dollar against the previous close of 76.9150 and touched an all-time low of 77.4050.

Prashanth Tapse, Vice President (Research), Mehta Equities Ltd, said the recent rate hike by the US Fed has further intensified FII selling in the domestic market. They sold shares worth ₹5,517.08 crores on Friday. The bellwether BSE Sensex is down about 610 points so far.

Published on May 09, 2022

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