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The rupee breached the 79-per-dollar level for the first time, closing at a record low of 79.03 after six straight record closes. Foreign capital outflows and elevated oil prices weighed on the currency, and the RBI's intervention was seen as ineffective.
A rupee at record lows raises the cost of crude and other dollar-priced imports for India, which can weigh on Indian import demand. The move reflects dollar strength and oil costs rather than a direct feed supply shock.
ndtvprofit.comNDTV Profit DeskJun 29, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
