The Indian rupee plunged to a new lifetime low of 78.51 against a dollar on Tuesday as global recession had spooked investors.
The Indian rupee plunged to a new lifetime low on Tuesday amid unabated outflow of foreign funds from the domestic market. The currency slumped to a record low of 78.51 (provisional) against the US dollar at the early trading on June 28. Fear of a global recession, strengthening dollar, continuing foreign fund outflows have kept the domestic currency under pressure for the last few weeks now.
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“We expect the rupee to depreciate further in the coming week till
78.80 amid persistent foreign funds outflows. However, investors will remain vigilant ahead of major economic events from the United States like conference board consumer confidence, GDP and personal income monthly data,” said ICICI Direct in a note.
