Rupee Hits Fresh Record Low Of 77.80/US Dollar On Dollar Strength, Weak China Data

The domestic currency rupee hit a record low in Tuesday's session (May 17, 2022) of 77.80 per US dollar. The currency last at around 12:25 pm (IST) traded with a change of 0.205 at 77.655. On the previous day, the currency closed at 77.45 per US dollar. In today's session, it opened still lower at 77.69.

Broadly the gains in the US dollar together with the weakness experienced in offshore markets is weighing on the domestic unit.

As per dealers quoted in leading business dailies, the weak economic data from China sparked fears of recession globally, eroding appetite for riskier emerging market currencies.

Meanwhile, Indian equities are seen gaining strength, with Nifty at the time of writing this copy adding 1.8% to 16,129.

"Rupee fell fresh all-time low as broader strength in the dollar continued and also as global crude oil prices continued to trade higher. Last week's inflation number released on the domestic front and from the US came in higher that disturbed the overall market sentiment. We expect the momentum for the USDINR to remain positive and quote in the range of 77.40 and 78.20", views as expressed by Mr. Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services on rupee hitting an all time low.