Indian Rupee Kicks Off New Month With A Fresh All-Time Low Against USD

The Indian rupee continued to tumble for the sixth straight session, depreciating to a fresh all-time low of 79.11 against the US dollar as a new month starts on Friday. The unit had closed at a record low of 79.06 against the greenback in the previous session.

The domestic currency has been tumbling amid high global crude oil prices, led by geopolitical tensions due to the Russia-Ukraine crisis, mounting inflationary pressures, global central banks adopting aggressive monetary policies to tame the red-hot inflation and relentless offloading of Indian shares by foreign investors.

Benchmark equity indices are also trading lower, in tandem with weakness in global markets, casting a reflection on the domestic unit. Nifty50 declined 0.8% and Sensex weakened 0.72% at the time of writing.

Global crude oil prices rose on Friday morning after sinking in the previous session, as OPEC+ confirmed to stick to its planned oil output hikes in August, while investors worried about the global economic strength.

The US dollar changed a little against major currencies but was on its way to posting the best week in four as investors weighed the boost from tighter U.S. Federal Reserve policy and the risks of recession, stated reports.

(Reporting by AJFX Limited, Editing by Shivangi Jadav)

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