Indian rupee breaches 80 per dollar, hits new record low

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The Indian rupee fell to more than 80 per US dollar for the first time on record Tuesday, as the greenback extended its rally and foreign capital outflows intensified.

The rupee 80.0600 against the greenback soon after trading started, Bloomberg data showed.

Tighter US monetary policy has exacerbated outflows from emerging markets such as India, where foreign investors have withdrawn a net $30.8 billion in debt and equity this year.

In a written statement to the Indian parliament on Monday, finance minister Nirmala Sitharaman attributed the rupee’s sharp fall to external reasons.

At the same time, the Indian currency has strengthened against the British pound, the Japanese yen and the euro in 2022 so far, Sitharaman added.

India’s merchandise trade deficit widened to a record $26.18 billion in June, official data showed last week, largely because of higher crude and coal import prices.

Consumer price inflation in India, the world’s sixth-largest economy, cooled off slightly to 7.01 percent in June after hitting an eight-year high of 7.79 percent in April.

The central bank has also sold more than $34 billion of its foreign currency reserves in an effort to stabilise the rupee.

Originally published as Indian rupee breaches 80 per dollar, hits new record low


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