Rupee weakens to a new low; traders see currency breaching 79/$ soon

So far in 2022, the rupee has shed around 5.8 per cent against the dollar as higher US interest rates and a surge in global commodity prices have the outlook on the currency

The rupee weakened to a new low against the US dollar on Wednesday as domestic stock markets tumbled and as overseas investors showed no signs of letting up on sales of Indian equities.

The domestic currency was last trading 0.2 per cent lower versus the US dollar at 78.95/$1. On Tuesday, the rupee had settled at a record closing low of 78.77 per US dollar.

At 10:15 IST, the BSE Sensex and the NSE Nifty were each trading 0.6 per cent lower than the previous close.

Asian stock markets suffered losses after weak US consumer confidence data dragged