The rupee opened at a record low of 82.64 against the dollar after the US jobs report cemented bets of more large Federal Reserve rate hikes The rupee on Monday opened at a record low of 82.64 against the dollar after the US jobs report cemented bets of larger Federal Reserve rate hikes The Indian rupee opened down 0.38 per cent at 82.6350, against its previous close of 82.32. The rupee has repeatedly posted record lows in recent sessions on concerns over oil prices, rising Treasury yields, corporate outflows, and offshore demand for the US currency The Reserve Bank of India’s interventions have not been able to arrest the slide in the rupee, unlike on prior occasions.
The RBI has less foreign exchange reserves at its disposal presently to protect the rupee. As per the RBI data, India’s forex reserves declined to $532.66 billio.
the lowest since July 2020, in the week through September 30. In the previous week, forex reserves were at $537.5 billion Treasury yields and the dollar index rose on Friday and US equities plunged following the US jobs data that was considered robust enough to keep the Fed on its path to deliver one more 75 basis points rate hike next month. Oil prices eased on Monday, after having extended their rally with a near 4 per cent jump on Friday to five-week highs. An OPEC+ decision to make its largest supply cut since 2020, despite concern about a possible recession and rising interest rates, has boosted crude prices.