Wed. Feb 8th, 2023

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Rupee falls sharply against US dollar today, slides past 76 per USD

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Indian rupee today fell sharply against the US dollar amid a selloff in domestic equity markets, increased global risk-off sentiment and broad strength in the greenback. The rupee was down at 76.10 per US dollar in early trade as compared to previous close of 75.78 per USD in the previous session.

The Sensex was down over 800 points in tandem with a selloff in global markets. Overnight, all three major US stock market indices plunged over 5% each. The US dollar index, which measures the greenback against a basket of major currencies, was up 0.12% to 96.855 today, after strong overnight gains, indicating a flight to the safety of the dollar.

“Tepid economic recovery projected by the Fed, signs of a second wave of cases in US cities that took the lead in opening up and elevated ‘continuing jobless claims’ caused investors to question the recent euphoria and conduct a reality check,” said Abhishek Goenka, founder and CEO, IFA Global.

“The US dollar has staged a comeback against the emerging market currencies and G7,” he added.

April industrial production and May consumer price inflation data will is due post market hours today.

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