Rupee Hit New Record Lows 26 Times Since Ukraine War; Teetering Near 80 Per Dollar
NDTV
The rupee is in for a rough ride ahead, with the 80 per dollar rate almost a done deal after a blowout US inflation print.
The rupee is in for a rough ride ahead, with the next key psychological level of 80 per dollar almost a done deal after a blowout US inflation print, which will boost the already-rampant dollar further.
"Asian FX vulnerable to sell-off after US inflation surprise," said Robert Carnell, Regional Head of Research for Asia-Pacific, at ING.
That inflation data surging to more than expected 9.1 per cent from a year ago, marking a 40-year peak, will crystalise expectations for a bigger-sized Federal Reserve interest rate hike this month and, in turn, solidify recession risks.
The rupee's journey this year has been nothing short of dramatic, with the currency plunging from changing hands at 74 at the start of 2022 to near 80 against the greenback.
