Rupee hits all-time low of 78.9 against dollar; 80-level at sight

On June 29, the Indian rupee continued to decline and hit record lows versus the US dollar as investors' confidence was dampened by declines in domestic stocks and other Asian currencies.

Following a lifetime low of 78.95, the partially convertible rupee was trading at 78.94/95 per dollar around 04:09 GMT. Tuesday's currency closing rate was 78.77.

Traders predicted that the rupee might go as low as 79 to the dollar during the session, but the central bank is predicted to step in to stop the decline.

The Nifty and Sensex are expected to experience their worst month since the pandemic-hit March of 2020 as a result of concerns about interest rates and inflation. As of the most recent closing, the blue-chip indexes had lost roughly 9% of their value.

This month, Indian equity markets are projected to experience the largest outflow of foreign funds since March 2020.

According to Refinitiv data, foreign investors sold a net $6.29 billion worth of stocks this month as of June 28 compared to a net $4.63 billion in sales during the same period last month.
 

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