Rupee hits fresh record low of 78.29 vs US dollar


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Rupee tumbled to a record low of 78.29 a dollar in Wednesday’s trade amid a slide in Asian currencies on a firm dollar.

The domestic currency had closed at 78.13 per dollar level in the previous session.

The fresh fall was seen amid selling in emerging market equities and currencies ahead of the US Fed Chair Jerome Powell’s testimony to US Congress later in the day. There are expectations that Powell will reinitiate Fed’s commitment to curb inflation. This has helped the dollar stay firm against a host of emerging market currencies. The rupee was no exception.

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