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 depreciated by 6 paise to 64.44 against the dollar at the interbank forex market on Wednesday ahead of the announcement of RBI’s monetary policy amid foreign fund outflows.
Dealers said increased demand for the American currency from importers also weighed on the rupee but dollar’s weakness against other currencies overseas limited the losses.
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Yesterday, the rupee had struggled to hold on to early strong gains and eventually ended the day almost flat at 64.38 against the US dollar.
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The benchmark BSE Sensex fell by 100.07 points, or 0.30 per cent, to 32,702.37 in early trade on Wednesday.
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