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Rupee Hits All-Time Low, Closes at 83.72 Against US Dollar

Rajeshwari R by Rajeshwari R
July 25, 2024
in Business
Reading Time: 3 mins read
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Rupee Hits All-Time Low, Closes at 83.72 Against US Dollar

Rupee Hits All-Time Low, Closes at 83.72 Against US Dollar

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Rupee Hits All-Time Low of 83.72 Against Dollar Amidst Market Turbulence

On Thursday, the Indian rupee closed at a historic low of 83.72 against the US dollar, marking a marginal decline of 1 paisa from its previous close. This depreciation was primarily driven by heightened demand for the dollar in global markets and substantial outflows of foreign funds.

The day began with the rupee opening at 83.72 at the interbank foreign exchange market. Throughout the trading session, it fluctuated between an intra-day high of 83.66 and a low of 83.72 against the dollar, before settling at the record level of 83.72 (provisional) by day-end.

According to forex traders, the depreciation was exacerbated by a downturn in the Indian equity markets following the government’s announcement of increased tax rates on capital gains. This decision dampened investor sentiment, contributing to both rupee depreciation and a decline in stock indices.

Anuj Choudhary, a Research Analyst at Sharekhan by BNP Paribas, noted that the rupee briefly appreciated during intra-day trade, supported by perceived intervention from the Reserve Bank of India (RBI) and a general softening in global crude oil prices. Looking ahead, Choudhary suggested that the rupee may continue to face downward pressure due to weak global market conditions and additional foreign institutional investor (FII) outflows. However, factors such as a weaker US dollar and declining oil prices could provide some support at lower levels. The analyst also highlighted the potential for RBI intervention to stabilize the currency.

In parallel with the currency’s decline, the domestic equity market also saw a modest downturn. The BSE Sensex fell by 109.08 points, closing at 80,039.80 points, while the Nifty dropped 7.40 points to settle at 24,406.10 points.

Meanwhile, on the global front, the dollar index, which measures the dollar against a basket of major currencies, recorded a slight decline of 0.21 percent, settling at 104.17. Similarly, Brent crude futures, a key indicator for oil prices worldwide, fell by 1.79 percent to USD 81.25 per barrel.

Foreign institutional investors were net sellers in the capital markets on Wednesday, offloading shares valued at Rs 5,130.90 crore, as per exchange data.

The culmination of these factors underscores the current challenges facing the Indian economy, with the rupee’s performance closely tied to global market dynamics and domestic policy decisions. As market participants navigate these uncertainties, attention remains focused on potential interventions and external developments that could impact currency and equity market stability in the near term.

Tags: Indian rupeemarkingRupeeTOPUS Dollar (USD)

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