Rupee Hits All Time Low Of 77.59 Versus Dollar

In trade on May 12, 2022, the domestic currency rupee plummeted to fresh record low of 77.5875 per US dollar. The currency opened at 77.40 as against the previous day's close of 77.41. Before today, rupee hit an all time low on Monday (May 9, 2022) of 77.44 against the dollar.

The domestic unit has been under pressure owing to weak global equities, continued FII selling. Furthermore the continued gains in the dollar index driven by weak global economic outlook and aggressive tightening measures are also adding to the woes of the currency.

Also, crude oil is still on the higher side above $100 per bbl, with Brent crude quoting at $106 per barrel last. Remember, India imports most of its crude requirement thus pushing inflation higher as well as widens the country's CAD.

Meanwhile, Indian equities are trading with a steep cut of 1.7%, with Nifty breaching 16000 levels and last trading at 15,884 points. Broader markets and the Nifty bank are further under-performing the headline indices.