Rupee hits new record low of 82.95 against USD

The rupee on Wednesday hit a new low of 82.95 against the US dollar on anticipation of more rate hikes by major central banks across the globe to curb rising inflation.

The currency fell to a record low of 82.95 after the US dollar strengthened against all major currencies globally.

the dollar's ascent has been triggered by inflation in the UK hitting a 40-year high level last month, owing to rising food prices.

There are speculations that the Bank of England may hike interest rates sooner than expected to curb price rise.

Last week while commenting on the rupee's fall, Finance Minister Nirmala Sitharaman had said in Washington that she saw it as the US dollar strengthening rather than the rupee falling.