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 gained 22 paise to 63.47 against the US dollar in the early session on Thursday on increased selling of the American currency by exporters and banks.
Besides sustained foreign fund inflows, stock markets opened with gains and the dollar weakening against major currencies overseas also supported the domestic unit, forex dealers said.
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The dollar was weak following the US Treasury Secretary hailing a ‘weak dollar’ at the World Economic Forum in Davos.
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Yesterday, the rupee had strengthened by 9 paise to close at a new one-week high 63.69.
Meanwhile, the benchmark BSE Sensex rose 85.38 points, or 0.23 per cent, to quote higher at 36,247.02 in early trade on Thursday.
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