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January 27, 2023 6:16 pm

Rupee Hits New All-Time Low As Dollar Climbs To 20-Year Peak

The rupee weakened to a new record low early on Thursday as the greenback climbed to a fresh two-decade high after the US Federal Reserve hiked interest rates and projected a more aggressive policy path in the current tightening cycle.

Bloomberg quoted the rupee at 80.4863 against the greenback after hitting 80.4875, a record low compared to its previous close of just below the psychologically key 80-per-dollar mark.

PTI reported that the domestic currency fell 42 paise to a fresh all-time low of 80.38 against the US dollar in early trade.

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