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Rupee Hits All-Time Low Of 77.81 Against US Dollar

Mumbai: The Indian rupee hit an all-time low of 77.81 against the US dollar on Thursday. It had recorded the previous all-time low of 77.7975 on May 17.

The partially convertible rupee was trading at 77.79/80 per dollar after touching a record low of 77.81. The previous low of 77.7975 was touched on May 17.

“There are potentially some dollar selling by the central bank but they can only check the day-to-day volatility, the rupee is clearly on the downside,” said a senior trader at a foreign bank.

The central bank has repeatedly reiterated that it intervenes only to prevent excessive volatility in the currency but does not target any specific level.

Traders said the rupee may eventually weaken to $79 a dollar by the end of FY 2022/23, but the sharp fall in crude oil prices may intensify.

Oil prices held firm near 13-week highs on Thursday after China reported stronger-than-expected exports in May, although new Shanghai lockdown restrictions capped gains.

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