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Rupee depreciates 74 paise to all time low of 80.67 against USD

The Rupee dropped as the US Fed hiked interest rates by 75 basis points to 3-3.25 per cent for the third consecutive time to check on inflation.

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New Delhi: The Rupee depreciated 74 paise to an all-time low of 80.67 against the US dollar in early trade on Thursday.

The Rupee breaching the 80 level is in the backdrop of brisk demand for US Dollar from bankers and importers along with sliding equity market, news agency UNI quoted dealers at Foreign Exchange as saying.

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The Rupee dropped as the US Fed hiked interest rates by 75 basis points to 3-3.25 per cent for the third consecutive time to check on inflation. This rate hike was the highest levels since the 1980s.

At the interbank foreign exchange, the local currency was trading at 80.67 against the dollar, down 74 paise from its previous close. The rupee opened at 80.27 and touched a record low of 80.67 a dollar in initial deals.

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On Wednesday, the rupee declined 22 paise to close at 79.96 against the dollar.

“Given the broad dollar strength, the Reserve Bank of India too may look to revise its intervention function. We are likely to see a 80.10-80.50 range on Thursday,” IFA Global Research Academy said.

The domestic unit plummeted due to strong Dollar against other world currencies.

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