Indian rupee hits record low for a third straight session

THE Indian rupee hit a record low for a third straight session on Wednesday (Jul 13) as foreign investors continued to dump riskier assets ahead of US inflation data that could determine the pace of tightening in the world’s largest economy.

The partially convertible rupee was trading at 79.6667 per dollar compared with its previous close of 79.5975. The unit touched a life low of 79.6675.

“There is a general risk-off sentiment. Until flows come back, we will see the dollar being bid against currencies like ours,” a senior trader at a private bank said.

Currencies in Asia have come under immense pressure in recent months, with expectations that the US Federal Reserve will hike rates faster and further than its peers contributing significantly to the safe haven dollar’s surge. REUTERS