Rupee Opens At Record Low Against US Dollar Amid Recession, Geopolitical Concerns

Indian rupee on Monday opened at record low as Sensex witnessed sharp decline of 1423 points to 79,555 and Nifty slipping by 1.74% or 430 points to 24,287. Meanwhile, Asian equity markets too witnessed heavy losses. It occurred despite a surge in Brent crude and a fall in dollar index. Rupee declined 4 paise to open at 83.79 against US Dollar, according to Bloomberg. The local currency settled at Rs 83.75 on Friday, August 2, 2024.

At 9:03 a.m., Indian rupee hit a new record low of Rs 83.83 against the dollar, added the Bloomberg report.

Meanwhile, Japan stocks witnessed sharp decline following reports of US jobless claims reaching 2,49,000 for the week ended July 27 as against the estimate of 2,36,000. Leading US markets ended lower following sluggish economic data pointed to an increased recession fears as traders anticipating Fed's aggressive rate cuts. On the other hand, Goldman Sachs economists increased the possibility of a recession in the coming year from 15% to now 25%.

Brent crude surged 0.49% to $77.19 a barrel on geopolitical worries as Iran reportedly plans to launch strike against Israel after killings of key Hezbollah and Hamas officials.
amid a slump in Asian markets