Rupee weakens to record low against US dollar on Tuesday
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Indian rupee weakened to a record low against US dollar on Tuesday tracking weakness in other Asian currencies due to fears of recession globally. Moreover, declines in the domestic stock market and persistent foreign fund outflows also weighed on domestic currency. Meanwhile, investors are awaiting June consumer price inflation data due on Tuesday. Although, the Reserve Bank of India introduced a mechanism for the settlement of trade in rupees, a measure that is expected to reduce the demand for foreign exchange and ease pressure on the currency. On the global front, the euro hovered close to a 20-year low near parity to the US dollar amid concerns that an energy crisis could tip Europe into recession.
The partially convertible currency is currently trading at 79.63, weaker by 18 paise from its previous close of 79.45 on Monday. The currency touched a high and low of 79.6550 and 79.5500 respectively.
