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.
The rupee edged up 5 paise to trade at 63.82 against the US dollar in early session at the interbank forex market on Tuesday on increased selling of the American currency by exporters and banks.
Besides, sustained foreign fund inflows and record gains in domestic equity markets supported the rupee, forex dealers said.
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However, the dollar’s recovery against some currencies overseas restricted the local unit’s upmove.
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Yesterday, the rupee had ended lower by 3 paise at 63.87 against the US currency following fresh bouts of dollar demand from importers amid the US political jitters.
Meanwhile, benchmark BSE Sensex rose 159.98 points, or 0.44 per cent, to hit another record high of 35,957.99 and the NSE Nifty crossed the historical 11,000 mark for the first time in opening trade on Tuesady.
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