Rupees vs Dollar: Indian rupee going into the abyss, dollar crossed 83 for the seventh time in 21 days
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Rupees vs Dollars: The rupee fell two paise to 83.15 against the US dollar in early trade on Thursday. The strengthening of the American currency and the rise in crude oil prices had an impact on the domestic currency. Forex traders told that the flow of foreign funds released for the last few days had an impact on the rupee. The rupee opened at 83.15 at the Interbank Foreign Exchange market, a decline of two paise over its previous closing level. The rupee had closed at 83.13 against the dollar on Wednesday. At the same time, the dollar index showing the position of the US dollar against six major currencies declined by 0.01 percent to reach 104.85. Global oil benchmark Brent crude futures were down 0.21 per cent at $90.41 per barrel.
closed at an all-time low on Wednesday
The rupee depreciated by nine paise to close at its all-time low of 83.13 against the US dollar at the interbank forex market on Wednesday. The rise in crude oil prices and the strengthening of the American currency influenced the rupee sentiment. Forex traders said the Indian rupee declined on Wednesday as the dollar hit a six-month high. Besides, higher crude oil prices also weighed on the rupee. The rupee opened at 83.08 at the Interbank Foreign Exchange market and after moving in a range of 83.02 to 83.18 during the day’s trade, finally settled at 83.13 against the dollar, down nine paise from its previous close. The rupee had earlier hit an all-time low of 83.13 per dollar on August 21 this year. The rupee had closed at 83.04 against the dollar on Tuesday, down 33 paise. Meanwhile, the dollar index, showing the US dollar’s position against a basket of six major currencies, rose 0.13 per cent to 104.95.
Crude oil prices also declined
Global oil benchmark Brent crude futures were trading down 0.67 per cent at $89.44 per barrel. According to Gaurang Somaiya, Forex and Bullion Analyst, Motilal Oswal Financial Services, the rupee remained under pressure for the third consecutive session due to dollar outflow from domestic equities and strengthening of the currency against major rivals. BSE’s 30-share Sensex closed at 65,880.52 points with a gain of 100.26 points. According to stock market data, foreign institutional investors remained net sellers in the capital market. He sold shares worth Rs 3,245.86 crore on Wednesday.
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