Rupee Slips Against The Dollar To 76.70/Dollar, Currency Looks To Break 77

Rupee in trade on March 14, 2022 depreciated to day's low of 76.70 per US dollar. Lastly, the domestic currency at around 3.26 pm traded remained under pressure by 0.13% at 76.608 per US dollar. The currency last on Friday closed at 76.48 per dollar.

The rupee has been under constant pressure because of the persistent foreign outflows. The rupee depreciated against the previous close of 76.759 against the greenback even as the crude oil receded in price, with brent crude down at $109 per barrel. The crude price has gone downward on hopes that the peace situation shall result after the US officials said Russia has signalled to have substantive talks over Ukraine though the reports suggest that war rages on.

On March 7, 2022 on continuing surging commodity prices and foreign fund outflow from equity markets, Indian rupee touched the record low of 77.02 per dollar.

Meanwhile, traders in the market await inflation data that will be released on Monday. Markets will focus on whether the Reserve Bank of India is comfortable staying on hold even as global central banks raise rates. From the way things are placed at the moment, the rupee looks set for a re-test of the all-time low and a breach of the 77 mark, Kazi VP, Mecklai Financial is quoted as saying in a Bloomberg Quint report.