The rupee fell by 19 paise to close at an all-time low of Rs 80.98 per dollar. In the inter-bank foreign exchange market, the Indian rupee has crossed the level of Rs 81 for the first time against the dollar.
The rupee fell by 19 paise to close at an all-time low of Rs 80.98 per dollar.
The rupee on Friday fell 19 paise to close at an all-time low of Rs 80.98 per dollar as the US dollar continued to strengthen in overseas markets and risk aversion among investors dominated. In the inter-bank foreign exchange market, the Indian rupee has crossed the level of Rs 81 for the first time against the dollar. At one time the rupee had fallen to the level of 81.23. However, later the position of the rupee improved slightly and at the end of trading it closed at Rs 80.98 per dollar. A major fall of 19 paise has been recorded in the rupee compared to the previous trading day.
Rupee depreciates for the third consecutive day
On Thursday, the rupee was at a price of 80.79 rupees per dollar, diving 83 paise in a single day. This is the third consecutive day when the rupee has seen a fall against the US dollar. In these three days, the value of rupee has fallen by 124 paise per dollar. Forex traders said fears of worsening of the situation in Ukraine and hike in interest rates in the US and UK put pressure on the rupee. Apart from this, the rupee has also come under pressure due to the strengthening of the US currency in the foreign markets and the declining trend in the stock markets at the domestic level.
The dollar index, which measures the strength of the dollar against the world’s six major currencies, climbed 0.72 percent to 112.15. Gaurang Somaiya, foreign exchange and bullion analyst at Motilal Oswal Financial Services, said that the rupee has steadily moved towards a new low against the US dollar this week after the US Federal Reserve raised interest rates. However, most of the world’s currencies remain under pressure against the dollar. Somaiya said that we expect the rupee to trade in the range of 80.40 and 81.20 against the US dollar.
Heavy selling in the stock market
On the domestic front, there has been heavy selling in the stock markets and both the major indices recorded heavy losses. The BSE Sensex has come down to 58,098.92 points with a dive of 1,020.80 points. At the same time, the Nifty of NSE has also slipped to 17,327.35 points, down by 302.45 points. Foreign institutional investors have also remained a seller from the domestic markets. According to available data, foreign investors sold shares worth Rs 2,509.55 crore on Thursday. Meanwhile, international oil standard Brent crude fell 1.98 per cent to $ 88.67 per barrel.
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