1 United States Dollar Equals 79.63 Indian Rupee Now

Rupee has been slumping and slumping owing to a lot of headwinds such as continued FPI outflow, crude oil price still maintained above $100 per bbl and the likes. In trade on Tuesday (July 12, 2022), rupee opened at 79.438 and hit day's low of 79.63 per US dollar. Last in the previous session it closed at 79.41 against the greenback.

The most prominent factor however weighing on rupee is the firm dollar which is seen hovering near its 20-year high levels on economic growth concerns.

"The rupee is expected to depreciate today amid strong dollar and pessimistic global market sentiments. Further, the rupee may slip on persistent FII outflows and fears over slowdown in global economy. Also, market awaits India's inflation numbers that is expected to stay above 7 per cent for third consecutive month," said ICICI Direct Research in a note.

"Meanwhile, RBI measures to enable free flow of dollars into NRI accounts and set up of mechanism to settle trade transactions in rupees may provide some support to domestic currency," it added.