Indian rupee hits all-time low of 80 against US dollar

The Indian rupee touched another record low as foreign investors continued to sell the nation’s equities. The rupee declined to 80.06 per dollar on Tuesday.

“The risks for the rupee remain to weaken further,” Dhiraj Nim, economist and FX strategist at Australia & New Zealand Banking Group Ltd said to Bloomberg.

“Oil prices, especially, remain a bit volatile, while external headwinds on account of Fed tightening may continue. The trade imbalance also remains wide,” he added.

The currency has declined 7% this year as a shortfall in India’s current account will probably widen to 2.9% of gross domestic product in the fiscal year ending March 31, according to a Bloomberg survey in late June, nearly double the level seen in the previous year.