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Rupee slips 51 paise to record low of 80.47 per dollar in early trade – rupee slips 51 paise to record low of 8047 per dollar in early trade

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Rupee slips 51 paise to record low of 80.47 per dollar in early trade – rupee slips 51 paise to record low of 8047 per dollar in early trade

Mumbai, Sep 22 (PTI) The rupee slipped 51 paise to its all-time low against the US dollar in early trade, weighing on investor sentiment as the US central bank hiked interest rates and a clear signal to continue with a firmer stance. The level reached 80.47.

The rupee was trading at 80.47 against the dollar at the interbank foreign exchange market, showing a fall of 51 paise over the previous closing price. The rupee opened at 80.27 on Thursday and touched a record low of 80.47 in opening deals.

Forex traders said a firming US dollar in overseas markets and a fall in the domestic equity market had an impact on the local currency. Apart from this, firming crude oil prices and risk appetite of investors also influenced the rupee.

The rupee on Wednesday closed down by 22 paise at 79.96 against the US dollar.

The US central bank, the Federal Reserve, has increased interest rates by 0.75 percent. Federal Reserve Chairman Jerome Powell has also said that inflation will be dealt with strictly.

Meanwhile, the dollar index, reflecting the US dollar’s position against the six major currencies, rose 0.88 per cent to 111.61.

Global oil benchmark Brent crude futures were up 0.49 per cent at $90.27 per barrel.

Foreign institutional investors sold shares worth a net Rs 461.04 crore on Wednesday, according to provisional stock market data.

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