29 Jun , 2022 By : Monika Singh
The Indian rupee depreciated 14 paise to fresh lifetime low of 79 against the US dollar in opening trade on Wednesday amid persistent foreign capital outflows and elevated crude oil prices. At the interbank foreign exchange, the local unit opened on a weak note at 78.86 against the greenback, then lost ground to quote at 79 — its all-time low level, registering a fall of 14 paise from the previous close. On Tuesday, the rupee plunged by 48 paise to close at record low of 78.85 against the US dollar. “The rupee has fallen to 79.00 levels much earlier than anticipated as RBI withdraws its hands and with no sellers in the market of the$ and no inflows,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
“Today in the evening we have the GDP data. The rupee seems to be now covering up its earlier slow depreciation and soon we could see a new figure of 80 added up to it. Most Asian currencies have today depreciated and with equities unable to give much relief more depreciation is on the cards. Exporters can now keep waiting with a stop loss of 78.75 while importers to just buy and buy more on dips if they get it,” Bhansali added.
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