Rupee slides beyond 78 per US dollar

The dollar was stronger on shelter interest in the midst of increasing expenses and slow growth. The Indian rupee touched a lifetime low of 78.28 to the dollar while the benchmark 10-year bond yield hit 7.60%, its highest since Feb. 28, 2019.

The Sensex was down around 1,500 points in the midst of a selloff worldwide markets.

Asian stocks dropped over fears that the Fed would fix its strategy on Wednesday after information last week showed the U.S. consumer price index hit its highest in over 40 years last month.

“The dollar file rose last week after the U.S. consumer price inflation surge to new long-term highs and arrived at 8.6% on yearly basis. Yet again the dollar index crossed 104 imprints while the U.S. 10-year benchmark security yields crossed 3.15% levels. The Japanese yen and euro slipped to record lows against the dollar. The euro likewise slipped after ECB descending financial development for the year 2022-23 and made a motion for raising interest rates. We expect the dollar record to stay firm this week and could test 104.80 levels once more,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.