Rupee slides to record low at 83 against US dollar.

The rupee plunged 61 paise to decline below the 83-mark for the first time against the US dollar on today amid unabated foreign capital outflows and a strong dollar in the overseas markets.

Besides, rising crude prices in the international markets and risk-averse sentiment among investors weighed on the local currency, traders said.

The consumer price index rose 10.1 per cent, compared with 9.9 per cent the previous month, the Office for National Statistics said Wednesday. The new data shows inflation returned to the July peak and is once again at the highest since early 1982. The increase was driven by food prices, which leapt by 14.5 per cent from a year earlier, the biggest jump since 1980, the ONS said.

The US dollar held at a 32-year peak against the yen and rose from a two-week trough against a basket of major peers, underpinned by expectations of aggressive US Federal Reserve interest rate hikes.

Post a Comment