The rupee depreciated by 74 paise to a record low of 80.67 against the dollar

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New Delhi: The rupee depreciated by 74 paise to a record low of 80.67 against the US dollar in early trade on Thursday.

The rupee breaking above the 80 level comes on the back of strong demand for the US dollar from bankers and importers, coupled with a fall in the stock market, UNI news agency told Foreign traders Exchange.

The rupee fell as the US Fed hiked interest rates by 75 basis points to 3-3.25 percent for the third time in a row to check inflation. This rate hike was the highest level since the 1980s.

On the interbank forex, the local currency was trading at 80.67 against the dollar, down 74 paise from its previous close. The rupee opened at 80.27 and touched an all-time low of 80.67 per dollar in early bids.

On Wednesday, the rupee fell 22 paise to close at 79.96 against the dollar.

“Given the broad dollar strength, the Reserve Bank of India may also look to revise its intervention role. We are likely to see a range of 80.10 to 80.50 on Thursday,” IFA Global Research said Academy.

The domestic unit plummeted due to the strength of the dollar against other world currencies.



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