Rupee falls to all-time low against US dollar
Notably, the rupee dropped to 85.0650 against the US dollar in early trade, compared to 84.9525 on Wednesday.
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Rupee Resilience
The Indian rupee’s stability, despite external pressures from weak Asian currencies and rising US bond yields, highlights a nuanced approach by the Reserve Bank of India (RBI) in managing the currency.
The rupee depreciated by 20 paise to close at 73.47 against the US dollar Friday amid a strengthening greenback and sustained foreign capital outflows.
At the Interbank Foreign Exchange, the rupee opened on a weak note at 73.44 and further slipped to hit an intra-day low of 73.47 against the US currency.
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The local unit gained some ground to reach 73.28 during the day. However, it finally settled at 73.47, showing a loss of 20 paise over the previous close.
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On Thursday, the rupee fell 11 paise to close at 73.27.
The dollar rose to a 10-week high Friday ahead of US GDP data.
Oil prices fell over fears of possible drop in oil demand amid a rout in global markets. Brent crude was trading at USD 76.20 per barrel.
The BSE Sensex crashed more than 1 per cent for the second straight session Friday to close at a fresh seven-month low of 33,349.31, while the broader NSE Nifty slipped 94.90 points to 10,030.00.
Foreign funds pulled out Rs 1,356.66 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 1,875.89 crore Thursday, provisional data showed.
The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 73.3740 and for rupee/euro at 83.4077. The reference rate for rupee/British pound was fixed at 94.0503 and for rupee/100 Japanese yen at 65.41.