Rupee plunges to record low against US dollar, falls beyond 83.58

PTC News Desk: The US dollar’s strength and an upward trend in crude oil prices worldwide caused the rupee to weaken 4 paise to 83.48 against the US dollar on Thursday.

According to forex traders, the local unit withstood the pressure resulting from a subdued trend in the domestic equity markets, but ultimately yielded to the unrelenting influx of foreign cash. The local unit fell 4 paise from its previous closing at the interbank foreign exchange market, opening at 83.43 and losing further to 83.48 versus the US dollar.

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The rupee ended the day one paisa weaker against the US dollar, at 83.44. Anand James, Chief Market Strategist at Geojit Financial Services, stated that “a strong US dollar and rising crude oil prices in the international market halted the local currency’s upward momentum.”

The dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, was up 0.02 per cent at 104.90 in the meantime.The benchmark for global oil, Brent crude futures, increased by 0.02 percent to USD 85.09 a barrel. The 30-share BSE Sensex dropped 72.43 points, or 0.09 percent, to 77,265.16 points on the domestic equities markets. To reach 23,485.75 points, the larger NSE Nifty fell 30.25 points, or 0.13 percent.

According to exchange data, Foreign Institutional Investors (FIIs) bought shares worth Rs 7,908.36 crore on Wednesday, making them net purchasers in the capital markets.

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