Indian Rupee hits all-time low of 80 against US dollar

Business News: With the new record law, the Indian rupee declined to 80.0125 per US dollar, after two consecutive days. The currency has been strike by nearly $30 billion of foreign outflows from the nation’s equities. Sensex was at 54,389.79 points and down to 131.36 points or 0.24%, while Nifty was at 16,252.95 points and down to 25.55 points or 0.16%. The Indian rupee hits another historical law and touched the key level of 80 against the US dollar.

According to the data of the National Stock Exchange, among all the Nifty 50 stocks, 29 were in green, and the rest is in red. The value of the Indian rupee has been weighing on the domestic stocks. The lowering of the value of the rupee is typically negative for foreign investors.

The brokerage Prithvi Finmart further said that they expect a rupee to remain volatile through this week and could hold its key support level of 80.5500 on a closing basis.

The phone and gadget maker Apple is planning to slow hiring and spending is likely to have downcast stocks in India and other Asian markets, further reports said. Head of Retail Research, HDFC Securities, Deepak Jasani said, Asian shares are lowered on Tuesday after

Apple’s plans to slow hiring highlighted concerns that aggressive monetary tightening to tackle inflation threatens an economic downturn.

The Strategists at Nomura Holdings Inc. and Morgan Stanley continue to remain declining on the rupee, forecasting the currency may decline to 82 to a dollar by September.