Menu
BW CFO World
Community for Finance Professionals, Consultants and allied businesses
  • Home
  • News
  • Videos
  • Articles
    • Credit & Capital
    • Economic Trends
    • Financial Compliance
    • Financial Leadership
    • Financial Management
    • Financial Reporting
    • Financial Strategy
    • Risk Management
    • Taxation
  • Featured
  • Nominate for Awards
Close Menu
rupee
September 26, 2022

Rupee Hits Record Low At 81.63

Urvi Srivastava Financial Reporting dollar, forex, Rupee

Forex traders said, the escalation of geopolitical risks due to conflict in Ukraine, a negative trend in domestic equities and significant foreign fund outflows sapped the investor appetite

The rupee fell by 59 paise to an all-time low of 81.63 against the US dollar in early trade on Monday as the strengthening of the American currency and risk-averse sentiment among investors weighed on the local unit. At the interbank foreign exchange, the domestic unit opened at 81.47 against the greenback, then fell to 81.56, registering a fall of 57 paise over its earlier close of 80.99. 

As of 12:23 pm IST, the Indian Rupee was trading at 81.63 against the US Dollar, as per Bloomberg Data. Forex traders said, the escalation of geopolitical risks due to conflict in Ukraine, a negative trend in domestic equities and significant foreign fund outflows sapped the investor appetite. Rate hikes by the US Fed and Bank of England to contain inflation sapped risk appetite, traders added. 

On Friday, the rupee declined by 30 paise to close at a fresh lifetime low of 81.09 against the American currency. Sriram Iyer, a Senior Research Analyst at Reliance Securities, said, the Indian rupee is likely to remain weaker as investors expect that the US Fed will continue to hike interest rates aggressively to cool inflation. “Focus now shifts to RBI’s meeting this week, with its decision due on Friday. We expect RBI to hike rates by 50 bps to cool stubbornly high inflation and prevent the currency from weakening further,” Iyer added.

Meanwhile, the dollar index, which gauges the greenback’s strength against major currencies, advanced 0.67 per cent to 113.94. Global oil benchmark Brent crude futures fell 0.58 per cent to USD 85.65 per barrel. Meanwhile, India’s forex reserves declined USD 5.219 billion to USD 545.652 billion for the week ended September 16.

Urvi Shrivastav

→ Urvi Shrivastav

Investors Lose Nearly Rs 7 Lakh Cr Instacart Stops Hiring Before IPO

Related Posts

Anurag Mishra CFO

Financial Reporting

JW Marriott New Delhi Appoints Anurag Mishra as Director of Finance

economy

Financial Reporting

Economy Remains Steady In Recent Months: PHD Chamber

20220714_125227

Financial Reporting

Infosys Reports Strong Growth In Q3, Revenues Jump To Rs 38,318 Cr

Selected Stories

  • Anurag Mishra CFOJW Marriott New Delhi Appoints Anurag Mishra as Director of Finance

    Read more

  • 1678170556_zXCK41_CFOBest CFO & Finance Strategy Awards: Navigating Through Uncertain Macroeconomic Environment

    Read more

  • economyEconomy Remains Steady In Recent Months: PHD Chamber

    Read more

  • 20220714_125227Infosys Reports Strong Growth In Q3, Revenues Jump To Rs 38,318 Cr

    Read more

  • 20211201_100953-1Tech Mahindra, Microsoft Collaborate To Deliver Cloud-powered 5G Core Network Modernisation For Telcos

    Read more

Movements

  • zUah2lDb_400x400Deloitte India Named Romal Shetty As CEO For Four-Year Term
  • cfo imageVishnuhari Pareek Named As Head Of Finance At Arkam Ventures
  • thumbnail_Sidharth1Siddharth Sehgal Is New CFO Of BeatO
  • Business men giving a handshake. Business conceptRamamurthy Becomes MD, CEO of BSE, SEBI approves appointment
  • 1554629557880Arvind Agarwal Resigns Nykaa, Joins PayU India As CFO

Categories

  • Accounting
  • CFO Stance
  • Credit & Capital
  • Economic Trends
  • Featured
  • Financial Compliance
  • Financial Leadership
  • Financial Management
  • Financial Reporting
  • Financial Strategy
  • Financial Technologies
  • Global News
  • Interview
  • Movements
  • Risk Management
  • Taxation

Recent Comments

    Back To Top
    BW CFO World
    • Home
    • News
    • Videos
    • Articles
      • Credit & Capital
      • Economic Trends
      • Financial Compliance
      • Financial Leadership
      • Financial Management
      • Financial Reporting
      • Financial Strategy
      • Risk Management
      • Taxation
    • Featured
    • Nominate for Awards
    © Copyright BW BUSINESSWORLD 2018. All Rights Reserved.