Rupee falls 10 paise to all-time low of 83.23 per dollar

The rupee depreciated by 10 paise to close at its all-time low of 83.23 against the US dollar at the interbank foreign exchange market on Thursday. The rupee declined for the fourth consecutive day due to the rise in crude oil prices and the strengthening of the American currency. Forex traders said that apart from this, the rise in crude oil prices in the international markets also affected the trading sentiment of investors. Traders said a firm trend in the domestic stock market put some curb on the rupee’s decline. “The rupee remains under pressure and weak after China’s disappointing trade balance data,” said Gaurang Somaiya, Forex and Bullion Analyst, Motilal Oswal Financial Services.

The weakness in the Chinese Yuan has also led to the weakening of the Rupee, which has fallen to its lowest level in the last one year. “Today, investors’ focus will be on US weekly unemployment claims data,” he said. The rupee opened at 83.15 in the interbank foreign exchange market and after moving in the range of 83.12 to 83.23 during the day’s trade, it ended at Rs. It closed at 83.23 per dollar, falling 10 paise from its previous closing price. The rupee had earlier closed at Rs 83.13 per dollar on Wednesday. Before that, on August 21, the rupee had reached an all-time low of 83.13 per dollar. The rupee has fallen by 60 paise against the dollar since Monday. On Tuesday, the rupee had depreciated by 33 paise, the highest this week.

Meanwhile, the dollar index, which gauges the US dollar’s position against a basket of six major currencies, rose marginally by 0.09 per cent to 104.95. Global oil benchmark Brent crude futures were trading down 0.39 per cent at $90.25 per barrel. According to stock market data, foreign institutional investors sold shares worth Rs 758.55 crore on Wednesday.

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