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The rupee in trade on Monday (May 9, 2022) hit a fresh record low of 77.443 per US dollar. This is as global equities have been under pressure owing to inflation and global economic growth concerns. The rupee opened at 76.972 as against the previous close of 76.96 and touched a fresh low of 77.44. Last the rupee hit a low of 76.98 on March 7, 2022.
Globally equities are falling as there remains a question as to whether the Fed's recent rate hike by 0.5% shall be enough to tackle inflation. Further, the Bank of England at the time of raising rates also warned of a probable recession risk.
The domestic currency is also under pressure because of unabated FII selling, who have been net sellers for 7 straight months with selling close to $22.31 billion in equities.
The 10-year bond yield rose 3 basis points to 7.484 percent. Since the last week's RBI's off-cycle rate hike, yields have increased by more than 35 bps. One basis point is one-hundredth of a percentage point.
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