Rupee Plummets to Historic Low, Slips Beyond 83.58 Against US Dollar
In the interbank foreign exchange market, the rupee opened at 83.43 and further weakened to 83.48 against the US dollar.
On Thursday, the rupee declined by 4 paise to 83.48 against the US dollar, impacted by a robust American currency and increasing crude oil prices globally.
Forex traders noted that although persistent foreign capital inflows offered some resistance, the local currency ultimately yielded to pressure from a sluggish domestic equity market trend.
In the interbank foreign exchange market, the domestic currency started trading at 83.43 but later slipped to 83.48 against the US dollar, reflecting a decrease of 4 paise compared to its last closing rate.
Wednesday saw the rupee closing 1 paisa lower at 83.44 against the US dollar. Anand James, Chief Market Strategist at Geojit Financial Services, cited the strong US dollar and rising global crude oil prices as factors stalling the local currency's upward movement.
During the same period, the dollar index, gauging the greenback's strength against a basket of six currencies, recorded a slight increase of 0.02 percent to reach 104.90.
Brent crude futures, the global oil benchmark, saw a marginal increase of 0.02 percent, reaching USD 85.09 per barrel.
In the domestic equity markets, the 30-share BSE Sensex declined by 72.43 points, or 0.09 percent, closing at 77,265.16 points. Similarly, the broader NSE Nifty dropped 30.25 points, or 0.13 percent, to settle at 23,485.75 points.
According to exchange data, Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday, acquiring shares worth ₹7,908.36 crore.
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