The rupee ends at an all-time low of 78.32; No respite anytime soon

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The rupee temporarily ends at a record low of 78.32 against the dollar

The rupee tentatively ended at a record low of 78.32 against the dollar on Thursday, after closing at that level in the previous session.

This corresponds to a broader fall in global risk assets amid recession fears.

While Indian stocks have recovered, but overall performance points to more pain ahead.

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PTI reported that the rupiah opened at 78.26 and eventually stabilized at its all-time low of 78.32, unchanged from its previous close.

On Wednesday, the rupee plunged 19 paise to an all-time low of 78.32 against the US dollar.

The Indian rupee erased morning gains as safe-haven demand pushed the greenback ahead of quarter-end adjustments, HDFC Securities research analyst Dilip Parmar told PTI.

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Parmar further said there was a strong chance of a near-rebound amid falling commodities, regional currency strength and a rally in risk assets.

“The USDINR spot should be in the narrow range of 78.10-78.50 before moving towards 79 odd levels,” he added.

The dollar appreciated against a basket of major currencies, with the index rising 8% for the year, reflecting general risk aversion sentiment and the dollar’s yield advantage driven by the Fed.

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