Under Pressure
As the Indian rupee reached a record low of 87.58 to the dollar on Thursday, it finds itself at a critical juncture, navigating a sea of global and domestic pressures.
Traders said fresh demand for the US currency from importers and a lower opening of the domestic equity market weighed on the rupee.
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The dollar’s weakness against some currencies overseas, however, restricted the rupee fall, they added.
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Foreign investors pulled out around Rs 9,690.84 crore from equity markets on Friday.
On Friday, the rupee closed with a rise of 6 paise at a fresh six-week high of 64.55 against the American currency.
Meanwhile, the benchmark BSE Sensex fell by 97.19 points, or 0.28 per cent, to 33,588.37 in early trade.
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The rupee dropped by 14 paise to 64.69 against the dollar at the interbank forex market on Monday amid fresh foreign fund outflows.