The rupee opened weaker at 78.53 against the dollar at the interbank foreign exchange market and closed 48 paise lower at 78.85 against the US dollar at the end of trading at its new all-time low. During trading, the rupee touched a new all-time low of 78.8550 per dollar.
Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, said, “Indian rupee has hit an all-time low against the US dollar amid a weak domestic equity market and rise in crude oil prices. Continuous selling by foreign investors also put pressure on the rupee.
The rupee has depreciated 100 paise in the last six trading days due to continued selling by foreign investors and aggressive stance by the Federal Reserve, said Jatin Trivedi, vice-president, research analyst department, LKP Securities.
If crude oil prices do not decline, further weakness may continue, he added.
Meanwhile, the dollar index, reflecting the US dollar’s position against the six major currencies, rose by 0.01 per cent to 103.95.
At the same time, global oil standard Brent crude futures rose 1.89 per cent to $117.26 per barrel.
The 30-share Sensex of BSE closed at 53,177.45, up 16.17 points.
According to stock market data, foreign institutional investors were net sellers in the capital market.
Source: navbharattimes.indiatimes.com
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