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Indian rupee falls to a record low of 78.29 against the U.S. dollar.
Indian rupee touched a new record low on Monday against the U.S. dollar as fears of a sharp rate hike by the U.S. Federal Reserve hit the currency of Asia's third-largest economy.
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The Indian rupee touched a lifetime low of 78.29 to the dollar, while the benchmark 10-year bond yield hit 7.60 percent, its highest since Feb. 28, 2019.
Apart from the rising crude oil prices, the U.S. dollar outflows from Indian equity and bond markets, surging inflation and widening current account deficit are the reasons attributed to the falling Indian rupee, according to experts.
Commenting on the volatility in the currency, Mohit Nigam, head of PMS at Hem Securities, a domestic stock brokerage house, said, "the rupee fell to a new all-time low on Monday, as the dollar strengthened and global crude oil prices rose amid rising inflation in India and investors are seen worried about the Reserve Bank of India's next move."
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