Rupee Closes In On 80-A-Dollar Rate

The rupee has been trembling for the past several days in front of the dollar. The Indian rupee on Wednesday also hit a record low for the third consecutive session.

Foreign investors continued to dump riskier assets ahead of US inflation data, which could set the pace for a tightening in the world's largest economy.

Partially today the rupee was trading at 79.66/67 per dollar as compared to its previous close of 79.5975. Rupee touched its all-time low of 79.6675 against the dollar today.

Bloomberg showed the rupee was last changing hands at 79.6350 per dollar after falling to an intra-day low of 79.6825, edging ever closer to the 80 mark.

PTI reported the rupee fell 3 paise to close provisionally at 79.62 against the US dollar.

A senior trader at a private bank said, “There is a general risk of sentiments. Until the inflows come back, we will see the dollar bidding against currencies like ours."

Currencies in Asia have come under extreme pressure in recent months, with hopes that the US Federal Reserve will raise rates sharply and contribute significantly to the safe-haven dollar's surge compared to its peers.

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