Mumbai: Rupee Wednesday hit a record low for the third straight session as foreign investors continued to dump riskier assets ahead of US inflation data that could set the pace for a tightening in the world’s largest economy.
The partially convertible rupee was trading at 79.66/67 per dollar as compared to its previous close of 79.5975. The unit touched the standard of living of 79.6675.
“There is a general risk-off sentiment. Until the inflows come back, we will see the dollar bid up against currencies like ours,” said a senior trader at a private bank.
Currencies in Asia have come under extreme pressure in recent months, with hopes that the US Federal Reserve will raise rates sharply and contribute significantly to the safe-haven dollar’s surge compared to its peers.
The partially convertible rupee was trading at 79.66/67 per dollar as compared to its previous close of 79.5975. The unit touched the standard of living of 79.6675.
“There is a general risk-off sentiment. Until the inflows come back, we will see the dollar bid up against currencies like ours,” said a senior trader at a private bank.
Currencies in Asia have come under extreme pressure in recent months, with hopes that the US Federal Reserve will raise rates sharply and contribute significantly to the safe-haven dollar’s surge compared to its peers.