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Rupee Hits Fresh All-Time Low Of 94.66 Vs US Dollar, Falls 70 Paise
Rupee Hits Fresh All-Time Low Of 94.66 Vs US Dollar, Falls 70 Paise
The Indian rupee on Friday hit its fresh low of 94.29 against the US dollar, falling 70 paise in the afternoon trade. The domestic currency had closed at 93.96 against the dollar in the previous session on Wednesday.
The rupee fell on March 27 amid worries that the energy supply crisis sparked by the West Asia war will drag on, deepening the pressure on energy-importing economies. Heavy sell-off in domestic equity markets and sustained FII outflows further put further pressure on the local unit, according to forex traders.
At the interbank foreign exchange, the local unit opened at 94.18 and slipped further to 94.29 against the greenback in the early trade, down 33 paise from its previous close. However, as of 12:10 pm, the rupee further tumbled to 94.66 against the US dollar.
The rupee slumped 20 paise to close at a record low of 93.96 against the US dollar in the previous session on Wednesday. Stock, forex, commodity, and bullion markets remained closed on Thursday on account of Ram Navami.
“With Brent oil prices again going past $105.75 per barrel, and the dollar index rising towards 100, the rupee opened weak," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.08 per cent higher at 99.67.
Brent crude, the global oil benchmark, rose overnight before easing towards the end, down 0.78 per cent at $107.1 per barrel in futures trade.
“Brent oil was up to $107.50 per barrel but fell after US President Donald Trump postponed strikes on Iranian power plants by 10 days," Bhansali added.
On the domestic equity market front, the Sensex tumbled 926.92 points to 74,346.53 in morning trade, while Nifty was down 280.95 points to 23,025.50.
Foreign institutional investors sold equities worth Rs 1,805.37 crore on a net basis on Wednesday, according to exchange data.
Even if a lengthy conflict is avoided, Bernstein sees a realistic chance of the rupee breaching the 98-per-dollar level this year, with pressure primarily stemming from India’s current account balance.
(With inputs from PTI)
Source: News18
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