The rupee has plunged 6 percent against the dollar this year, weighed down by broad strength in the greenback and as investors retreated from the domestic share markets. Last several years India has been bridging CAD with capital flows. This year there is headwinds on capital flows," the official who did not want to be named, told reporters. As of 1013 GMT, the partially convertible rupee INR=IN was trading at 78.95/96 per dollar, close to new record low it touched on Friday. The official, however, said India's macro economic fundamentals remained strong and he was "fairly confident" that India would come out of "well" when the situation improved.

Source: bd News24 July 05, 2022 01:23 UTC