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Rupee hits lifetime low for fourth straight day on broad dollar rally





MUMBAI (Reuters) – The Indian rupee weakened in opening trade on Thursday to hit record lows against the greenback for a fourth straight session after data showed U.S. inflation, already at four-decade highs, accelerated even further.



The dollar resumed its relentless rise, driven by both expectations for faster policy tightening by the Federal Reserve and safe-haven flows as fears grow for a recession.


The partially convertible rupee was trading at 79.75/76 per dollar by 0338 GMT, compared to its close of 79.63 on Wednesday. The unit touched a life low of 79.77.


Traders expect dollar selling intervention by the central bank to slow the slide in the rupee but expect it to touch levels of 80 to the dollar in the near future.


 


(Reporting by Swati Bhat; Editing by Clarence Fernandez)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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