regular-article-logo Tuesday, 05 December 2023
Tuesday sees 7th straight session of record lows

Rupee hit 80 per for the first time ever, may slide further

As weakness in domestic shares weigh in, dollar selling intervention by the central bank help limit further losses

Our Web Desk Published 19.07.22, 09:41 AM
Representational image.

Representational image. Shutterstock

The rupee hit 80 per dollar for the first time ever on Tuesday amid fears that it could slide further.

PTI quoted the rupee at an all-time low of 80.05 against the US dollar in early trade, a gain of 7 paise from the previous close, as traders focussed on central bank meetings this week, especially the US Federal Reserve.


Reuters said the Indian rupee hit a seventh straight session of record lows on Tuesday as weakness in domestic shares weighed, but dollar selling intervention by the central bank helped limit further losses.The partially convertible rupee was trading at 79.93/94 per dollar after hitting a record low of 80.05, weakening from 79.97 close on Monday, added Reuters.

PTI had reported on Monday that the rupee briefly touched an all-time low of 80 per dollar mark, but closed just below that key psychological level.

According to, Bloomberg quoted the rupee was last at 80.0163 against the greenback after opening at 79.9863, hitting an intra-day record low of 80.0175.

The Indian currency has plunged over 7 per cent this year, with it closing at a record low in six of the last seven sessions, adds

The rupee has been battered by an exodus of foreign investors, widening trade and current account deficits and driven by a global stampede into safe-haven US dollars on rising global recession risks.

Foreign fund outflows from the country this year are more than the combined inflows of the last two years, with foreign investors pulling out a record $29 billion from Indian assets this year.

On Tuesday, Indian equity indices traded lower in opening deals after rising for two consecutive sessions, taking cues from a broader sell-off in Asian markets, following an overnight slide on Wall Street.

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