hi INDiA Copyright 2022
Mumbai, May 12
The rupee plunged by 25 paise to close at its lifetime low of 77.50 against the US currency on Thursday as the dollar touched a fresh two-decade high in global markets on strong risk-averse sentiment and a higher-than-expected US inflation triggered fears of aggressive rate hikes.
The rupee also touched its record intra-day low of 77.63 to a dollar as losses in domestic stocks, concerns over weak growth, and persistent forex outflows negated the impact of a fall in crude oil prices. It ended at 77.50, down by 25 paise over its previous close of 77.25, cutting short its two-day winning run.