Rupee falls to hit 80 mark briefly, may depreciate further on strong US dollar, pessimistic market sentiments
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Rupee rose 7 paise against the US dollar and reached 79.92 in early trade on Friday. Rupee declined by over 18 paise and settled at 79.9975 amid a stronger greenback in overseas markets yesterday.

Wholesale inflation remained double-digit for fifteenth consecutive month in June, expected deterioration in current account deficit of the country and forex outflows dragged the local unit near 80 against the greenback. Sharp correction in crude oil prices in the past few days has been a breather for the local currency.

Wholesale price-based inflation (WPI) eased to a three-month low of 15.18 per cent in June on decline in prices of minerals but food articles remained costly. Last month, WPI reached a record high of 15.88 per cent.

Rupee falls to hit 80 mark briefly, may depreciate further on strong US dollar, pessimistic market sentiments

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rakesh.manzi@gmail.com

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