Rupee falls to all-time low against US dollar
Notably, the rupee dropped to 85.0650 against the US dollar in early trade, compared to 84.9525 on Wednesday.
The US dollar index decreased against most other major currencies after wavering between gains and losses, as investors digested the country’s newly-released economic growth report for the first quarter of 2018.
In late New York trading on Friday, the Euro rose to $1.2123 from $1.2107 in the previous session, and the British pound was down to $1.3784 from $1.3923 in the previous session. The Australian dollar increased to $0.7581 from $0.7552, Xinhua reported.
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The US dollar bought 109.03 Japanese yen, lower than 109.37 Japanese yen of the previous session.
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The US dollar fell to 0.9879 Swiss Franc from 0.9893 Swiss Franc, and it dipped to 1.2834 Canadian dollars from 1.2872 Canadian dollars.
US gross domestic product (GDP) increased at a 2.3-percent annual rate for the first quarter of 2018, beating market consensus of a 2 per cent gain, but lower than the 2.9 per cent growth rate in the previous quarter, the Commerce Department said on Friday.
“As for growth, the quarter was actually pretty good despite the slowdown in headline GDP growth. It would have been 2.9 per cent if not for the hangover from Q4 storm-related spending on autos and home repair,” said Chris Low, chief economist at FTN Financial, in a note.
On other economic news, the final reading of US Consumer Sentiment Index came in at 98.8 in April, above market estimates, according to a survey released by the University of Michigan on Friday.
The dollar index, which measures the greenback against six major peers, was down 0.03 per cent at 91.537 in late trading.
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