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Indian Rupee Hits Record Low Against U.S. Dollar On Fed Rate Hike Worries
(RTTNews) - The Indian rupee lost ground against the U.S. dollar in late morning deals on Thursday, as regional shares fell, tracking a drop in Asian shares, amid worries that aggressive monetary tightening to contain inflation could spark a global recession.
The benchmark 30-share BSE Sensex dropped 125 points, or 0.21 percent, to 58,981, while the broader NSE Nifty index was down 33 points, or 0.19 percent, at 17,478.
Investors continue to worry that steep interest rate hikes by the U.S. Federal Reserve to control inflation may fuel the recession.
The Indian rupee touched a record low of 83.22 against the greenback. At yesterday's close, the pair was worth 83.01.
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