Rupee tumbles to fresh record low on Friday
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Indian rupee tumbled to fresh record low of 81.23 against US dollar in early trade on Friday in line with aggressive 75 basis points hike by the US Federal Reserve that spurred fears of a possible global recession. Further, weak trend in domestic equities, strength of the American currency in the overseas market and concerns over escalation of the war between Russia and Ukraine also weighed on rupee sentiments. Moreover, Foreign Institutional Investors (FIIs) offloaded shares worth a net Rs 2,509.55 crore on Thursday, exchange data showed.
The partially convertible currency is currently trading at 80.86, weaker by 7 paise from its previous close of 80.79 on Thursday. The currency touched a high and low of 81.23 and 80.77 respectively.
