Mumbai: Rupee US inflation already hit a four-decade high after US inflation data weakened in early trade on Thursday to hit a record low against the greenback for the fourth consecutive session, intensifying even further.
The dollar resumed its sustained growth, driven by expectations of both a rapid policy tightening by the Federal Reserve and safe-haven flows with fears growing for a recession.
The partially convertible rupee was trading at 79.75/76 per dollar as of 0338 GMT, compared to its close of 79.63 on Wednesday. The unit touched the standard of living of 79.77.
Traders expect dollar selling intervention by the central bank to slow the fall in the rupee, but it is expected to touch the 80 level of the dollar in the near future.
The dollar resumed its sustained growth, driven by expectations of both a rapid policy tightening by the Federal Reserve and safe-haven flows with fears growing for a recession.
The partially convertible rupee was trading at 79.75/76 per dollar as of 0338 GMT, compared to its close of 79.63 on Wednesday. The unit touched the standard of living of 79.77.
Traders expect dollar selling intervention by the central bank to slow the fall in the rupee, but it is expected to touch the 80 level of the dollar in the near future.