Highlights

Rupee depreciated 44 paise and slipped below the 81-mark against the US dollar
Bank of England hiked its base rate by 50 basis points

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Rupee breaches lifetime low; falls to 81 against US dollar

Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite

Updated: Sep 02, 2022 10:53

PTI

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Rupee breaches lifetime low; falls to 81 against US dollar

The rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time in early trade on Friday, weighed down by the strong american currency and risk-off sentiment among investors.

Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite.

Further, the strength of the American currency in the overseas market, a negative trend in domestic equities, and risk-off moods amid escalation of geopolitical risk in Ukraine weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 81.08 against the greenback, then fell further to 81.23, registering a fall of 44 paise over its previous closing.