A broad strength in the US dollar and weak domestic equity markets pushed Indian rupee today to record lows against the greenback today.
After opening at 76.74, the rupee fell to a new low of 76.85, breaching last week's low of 76.55 per US dollar. In comparison, the rupee had settled at 76.44 in the previous session, which was also an all-time closing low for the Indian currency. "Risk aversion and flight to safety has returned in global markets.
US treasury yields are lower, commodities and commodity currencies are weak, equities are weak and we are seeing broad USD strength," said Abhishek Goenka, founder and CEO of IFA Global.