The rupee crashed early on Friday against an increasing dollar on expectations of a jumbo-sized Federal Reserve rate hike next week and warnings from world institutions of a recession in major economies of the world. Bloomberg quoted that “the rupee last ar 79.807 against the dollar after opening at 79.798 compared to September 16, 2022.
It faced the close of 79.701, fast approaching the key level of 80 per dollar. PTI said that the rupee fell 11 paise to 79.82 in front of the US dollar. The dollar was slightly off its multi-year heights hit earlier this week. Demand for the remained robust due to predictions that the Federal would need to raise interest rates further to keep inflation under control.
The offshore yuan breach the crucial level
The currency yuan was forced to breach the crucial 7 per dollar level for the first time. In more than two years by a rampant dollar. It remained under pressure at 7.003 in early trade. The onshore unit yesterday closed at 6.997 per dollar while teetering perilously near to breakpoint. Along with World Bank, The International Monetary Fund warned that major central banks around the world could hike their way into a recession.
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