Rupee at record low on weak Asian peers, tracks stocks – Times of India

Mumbai: Rupee Despite recent measures by the central bank to boost dollar inflows, domestic equities fell to record lows on Tuesday on fears of a global recession and weakness in other Asian currencies.
The euro neared a near 20-year low for the dollar amid concerns that the energy crisis could propel Europe into recession, while the US Federal Reserve continues to aggressively tighten policy to curb inflation Is.
The partially coverable rupee was trading at a record low of 79.60 per dollar on Monday near 0446 GMT versus 79.4375.
“We could very soon see 80 levels on USD/INR. The only force stopping it from falling is RBI. But with most other Asian currencies falling, we should get there sooner,” said a senior trader at Private Bank. he said.
Asian currencies were trading weak against the dollar.
Traders expect the Reserve Bank of India (RBI) to sell dollars through state-run banks to prevent depreciation in recent months.
The RBI last week took a slew of measures to boost foreign exchange inflows, including allowing foreign investors to buy short-term corporate debt and opening up more government securities under the fully accessible route.
On Monday, the RBI introduced a mechanism for settlement of trade in rupee, which is expected to ease foreign exchange demand and ease pressure on the currency.
Traders will watch June consumer price inflation data at 1200 GMT on Tuesday for near-term signals.
India’s retail inflation is likely to remain stable in June, but well above the RBI’s tolerance limit for the sixth month as lower fuel and cooking oil prices offset higher services and food costs, a Reuters survey found. Gone.