Rupee slips to another record low against US dollar on Wednesday
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Indian rupee slipped to another record low against the US dollar on Wednesday, driven by persistent foreign capital outflows and elevating crude oil prices. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 1,244.44 crore, exchange data showed. Rupee also dampened by weak domestic equites and strong American currency overseas, while concerns about a potential recession continued to weigh on the sentiments. Data released overnight showed US consumer confidence fell sharply in June, following a decline in May, as inflation continues to dampen Americans’ economic views.
The partially convertible currency is currently trading at 78.89, weaker by 4 paise from its previous close of 78.85 on Tuesday. The currency touched a high and low of 78.98 and 78.86 respectively.
