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 marginally higher by 1 paisa to 65.19 against the US dollar in early trade ahead of the Federal Reserve’s policy decision on Wednesday.
Besides, the dollar’s weakness against some currencies overseas, fresh selling of the American currency by exporters as well as banks supported the rupee, forex dealers said.
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A higher opening in the domestic equity market influenced the currency’s movement, they added.
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Yesterday, the domestic unit had slipped by 3 paise to end at 65.20 a dollar due to demand uptick for the greenback.
Meanwhile, the benchmark BSE Sensex rose 226.86 points, or 0.69 per cent, at 33,223.62 in opening trade on Wednesday.
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