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Rupee recovers slightly against the dollar, after falling to a record low of 76.93

An employee counts Indian rupee currency notes inside a private money exchange office in New Delhi July 5, 2013. REUTERS/Adnan Abidi/File Photo

According to an Economic Times report, if the Russia-Ukraine war escalates, the rupee could fall to an all-time low of Rs 80 per dollar.

The news: Market watchers have predicted that if the ongoing crisis between Russia and Ukraine continues, both the sensex and the nifty will experience increased volatility.

  • The rupee is expected to fall to Rs 77.93 per dollar this calendar year, according to several brokerages.
  • According to the report, it has been predicted that the rupee will fall between Rs 80 and Rs 82 per dollar this year.
  • The prediction comes after oil prices soared to multi-year highs as a result of the Russia-Ukraine conflict, fuelling fears of hyperinflation and slow growth.
  • On Monday, the rupee hit an all-time low, while bond yields soared, as a sharp rise in global crude oil prices stoked fears of domestic inflation, increasing the chances of raising interest rates by the central banks.
  • On Tuesday, the rupee recovered slightly against the dollar, after falling to a record low of 76.93 on Monday, as crude oil prices climbed to multi-year highs, fuelled by the Russia-Ukraine crisis.
  • The rupee opened weakly against the US dollar at 77.02, but quickly recovered to reach 76.73, up 20 paise from the previous close.
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