Rupee hits fresh all-time low vs dollar as US rate hike worries deepen

Markets fall & crude oil declines on worries of recession in US

The rupee slumped to a fresh all-time low of 78.39 against the US dollar on Wednesday as risk appetite diminished further ahead of US Federal Reserve Chair Jerome Powell’s Congressional testimony scheduled after Indian market hours.

The equity markets, too, resumed decline after a two-session breather. The Sensex tumbled 709.54 points or 1.35 per cent to close at 51,822.53. Similarly, the Nifty50 fell 225.50 points, or 1.44 per cent to 15,413.30.  Foreign portfolio investors (FPIs) sold shares worth Rs 2,920 crore, taking their month-to-date selling tally close to Rs 45,000 crore.

Both rupee and equity benchmark indices declined sharply on the day