Rupee falls to all-time low vs US dollar

On Friday, the Rupee had slumped 55 paise to close at 76.90 against the US dollar.

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Insight Bureau: India’s official currency Rupee has dropped 51 paise to an all-time low of Rs 77.41 against the US dollar in early trade on Monday.

On Friday, the Rupee had slumped 55 paise to close at 76.90 against the US dollar.

At the interbank foreign exchange, the Rupee opened at 77.17 against the American dollar, then lost ground to quote at 77.42, registering a fall of 52 paise from the last close. The Rupee has slipped past the previous record low of 76.98 in March.

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The reason behind the drop in value of the Rupee could be blamed on the demand for riskier assets and also because the foreign investors continue to dump the domestic stocks.

Investors are also worried that the broader Asian stocks could decline further due to the tightening COVID lockdown in Shanghai, which could hit global economic growth.

The Indian Rupee opened weaker on Monday against the dollar as weakness in global equities on concerns over the economic outlook and rising bond yields weighed on sentiments, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

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