Indian Rupee Breaches 80 Per Dollar, New Record Low

India started exploring a rupee settlement mechanism with Russia soon after the invasion of Ukraine. Photo: Reuters

The Indian rupee breached the key psychological level of 80 to hit a record low against the dollar on Tuesday.

The partially convertible rupee extended its record-setting spree against the dollar, hitting an all-time low for the seventh straight session.

It later rose to sit just under the 80-rupee level in morning trading.

Indian shares, meanwhile, inched lower in early morning trading, tracking the global markets in the absence of any major domestic triggers.

The NSE Nifty 50 index was up 0.1% at 16,295, as of 0510 GMT, while the S&P BSE Sensex rose 0.16% to 54,611.53.

Both the indexes rose more than 1% in the previous session, with the Nifty hitting its highest since June 10.

Asian shares slipped, following overnight declines on Wall Street, and the dollar hovered below last week’s peak, with main focus on the earnings season.

Meanwhile, investors in India awaited results from consumer giant Hindustan Unilever for cues on the impact of higher inflation and demand.

Jim Pollard, with Reuters

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.