Saturday, December 3, 2022
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The rupee has now touched its all-time low against US Dollars

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Early on Friday, the rupee lost 16 paise, falling to an all-time low of 82.33 against the US dollar as a strong US dollar and investors’ risk aversion hurt the local currency.
Additionally, traders for currency noted that a downward trend in local equities and high crude oil prices dampened investor interest.

The rupee depreciated by 16 paise over its previous closing at the interbank foreign exchange from its opening price of 82.19 to 82.33.

For the first time ever, the Indian rupee’s closing price versus the US dollar was below 82 on Thursday. It fell 55 paise to end the day at a record low of 82.17 in terms of the US dollar. “Concerns about the trade deficit have returned as a result of an increase in petroleum prices. The capital account is not helped by US interest rates remaining higher for longer “In a note, IFA Global Research Academy stated.

It added that these factors are driving the rupee to adapt and that the Reserve Bank of India (RBI) appears to have become more careful in spending reserves.

rupee
credit: businessinsider
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At 112.10, the dollar index, which measures the strength of the dollar against a basket of six different currencies, was trading 0.14 percent lower.

Benchmark Brent crude futures for world oil decreased 0.10 percent to USD 94.33 per barrel. The 30-share BSE Sensex was down 111.83 points, or 0.19 percent, at 58,110.27 on the domestic equities market, while the larger NSE Nifty was down 38.00 points, or 0.22 percent, at 17,293.80.

According to exchange data, foreign institutional investors were net purchasers on Thursday in the capital market, buying shares worth Rs 279.01 crore.

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Nivedita Bangari
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.

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