The Indian rupee has extended to a low against the US dollar in the morning trade and is slipping to a fresh decline. The Indian rupee has fallen to 78.87 vs the US dollar.

On 28 June 2022, the rupee had plunged by 48 paise to close at 78.85 against the US dollar and down by persistent foreign capital outflows and a surge in crude oil prices. Today, Domestic equities were weak by tracking lower global markets.

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The Sensex was down 500 points on the Bombay Stock Exchange (BSE) today. On the other hand, crude oil prices also weighed on the Indian Currency.

Tightening by central banks and elevated inflation are triggering worries of a global growth slowdown while favouring the safe-haven dollar index.

Yesterday, the Foreign Institutional Investors (FII) were the net seller in the stock market as Indian shares were offloaded worth Rs 1,244.44 crore, as data showed. FII will have pulled $28 billion from Indian equities in 2022.

“RBI could be present to curb volatility in forex markets, but the strength of crude oil could cap appreciation bias” in rupee vs USD, said Sriram Iyer, the Senior Research Analyst at Reliance Securities.