INR Falls to Lifetime Low, Surpasses 82-Mark Ahead of Key US Data: Major Drivers

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INR Falls to Lifetime Low, Surpasses 82-Mark Ahead of Key US Data: Major Drivers
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Indian rupee fell to a fresh lifetime low against the US dollar on Friday, dragged by oil witnessing strong weekly gains and looming fears of recession as markets await the US non-farm payrolls report due later in the day.

The domestic currency hit a record low of 82.6 against the greenback on Friday after closing at 81.88/$1 in the previous session. INR has tumbled nearly 10.6% so far in 2022 and has depreciated about 1% in the past four sessions.

The crucial U.S. jobs will likely guide the Fed’s monetary decision in November. The US dollar index stood at 112.13 at the time of writing. 

The domestic unit’s fall is also attributed to the latest hawkish comments by the US Fed’s policymakers. Chicago Fed President Charles Evans said on Thursday that the central bank’s policymakers would likely hike rates by 125 bps before the year-end in its battle to tame the soaring inflation.

Minneapolis Fed President Neel Kashkari indicated that the central bank would not pivot until financial conditions worsen significantly.

Further, rising crude oil prices have also been hammering the Indian rupee. Oil is up 7-10% this week after OPEC+ announced its biggest supply cut since the 2020 COVID pandemic to compensate for an over 11% dive in prices last month.

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  • Shakun Maheshwari @Shakun Maheshwari
    Coming 85rs upto oct end
    Like 0
  • Sandeep Singh Kohli @Sandeep Singh Kohli
    82
    Like 0
  • Sanchita Wadhwani @Sanchita Wadhwani
    82 not 83
    Like 1
    • KALE VINAY @KALE VINAY
      yes
      Like 0
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