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 strengthened by 39 paise to 67.39 against the dollar at the interbank forex market on 28 May on fresh selling of the greenback by exporters and banks.
Dealers said dollar’s weakness against some other currencies overseas, on cooling global crude prices, and early gains in domestic equity markets supported the rupee.
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On Friday, the rupee had clocked its biggest single-session rally since March 14, 2017, surging by a whopping 56 paise to close at 67.78 against the US dollar.
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The benchmark BSE Sensex rose by 156.67 points, or 0.44 per cent, to 35,081.54 in opening trade today.
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