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Forex News: Indian Rupee Falls Below 80-mark Against U.S. Dollar

Indian Rupee Falls Below 80-mark Against U.S. Dollar

07/19/2022 - 02:07:00 (RTTNews)

(RTTNews) - Breaching the key 80 level, the Indian rupee declined against the U.S. dollar in the morning session on Tuesday, as Apple's plans to slow down hiring and spending growth weighed on sentiment.

Finance Minister Nirmala Sitharaman said on Monday that the recent decline in the rupee is due to global factors such as the Russia-Ukraine conflict, higher oil prices and tightening of monetary policy across the globe.

The outflow of foreign portfolio capital in the wake of the Fed's policy tightening is also attributing a selloff in the currency.

The Indian rupee touched 80.06 against the greenback, its lowest level since July 14, when it fell to an all-time low. At yesterday's trading close, the pair was quoted at 80.00.

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