The Indian rupee record low against the US dollar continues for the fifth straight session on Friday, hitting a fresh record low of 79.96, hovering over the critical psychological weak level of 80/$1.
This will make imports of items from crude oil to electronic goods, overseas education and foreign travel costlier while raising fears that the inflation situation could worsen.
The rupee’s depreciation during the day was led by strengthening the greenback against key global currencies, especially after the US CPI inflation came out to be higher than estimated to a 40-year peak in June.
Global oil prices rose in early trade on Friday amid prospects of a less aggressive US rate hike, after two Fed policymakers supported a 75 bps rate hike in July instead of a 100 bps one.
