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Below is quote on Rupee 22 June 2022 By Ms. Sugandha Sachdeva, VP- Commodity & Currency Research, Religare Broking Ltd

The Indian rupee has slumped to a new record low against the US dollar after consolidating around the 78 mark for a while, amid the unabated outflows witnessed from the domestic equities and renewed strength in the greenback. The sentiments have taken a hit amid deteriorating global growth prospects and as the central banks look to act aggressively in their battle against inflationary forces.

Investors are seen flocking on to the safety of the US dollar as consumer price inflation in the UK has ticked to a new 40-year high of 9.1% last month. Meanwhile, market participants are looking forward to Fed Chair Powell’s two-day testimony to the Congress for further clues as to whether the US central bank is poised to deliver another large rate hike at its July meeting.This will provide further cues for the Indian rupee going forward, which is still finding a lot of cushion around the 78.50 mark.

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