Rupee is very close to 80 mark and in trade today at day's low traded at 79.95 per US dollar at day's low. The rupee started trade on July 15, 2022 at 79.91 as against the previous close of 79.885.
Rupee Breaches 80 Per US Dollar For The First Time; Hits Fresh Low Of 80.147
The main triggers causing a downslide in the rupee is the recent US CPI print and likewise recessionary fears.
Perspective on the Rupee fall by Mr. Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services-"Rupee fell below the 80 mark against the US dollar a day after inflation in the US rose to the highest level in 40 years. Data showed Year-on-year consumer price growth accelerated to a scorching 9.1%. The report raised odds that the Federal Reserve will raise interest rates even more than the 75 basis points previously expected. We expect the rupee to remain to under pressure and test further lows against the dollar".
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