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Forex market: Indian rupee opens at a record low against US dollar

Mumbai: The Indian rupee opened at a record low against the US currency. The local currency crossed 80 mark against the US dollar. The US Federal Reserve Chairman Jerome H. Powell statement that it will hike the interest rate by 75 basis points for the third time at its next meeting has influenced investors.

At the Interbank foreign exchange, the domestic currency opened at 80.10, lower by 23 paise. On Friday, the Indian rupee settled at 79.86 against the US currency.

Also Read: Commodity Market: Gold price fall sharply 

The rupee had hit previous all-time low of 80.06 last month. The US dollar is up over 7% against the rupee so far this year.


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