INR vs USD: The rupee fell by 5 paise to its all-time low of 84.37 against the US dollar in early trade on Friday amid continued foreign capital outflows and muted trend in domestic equity markets.
—————————–
InShort
Rupee Hits Record Low: The rupee fell to an all-time low of 84.37 per dollar due to continued foreign capital outflows and a sluggish domestic equity market.
US Policies Influence: The US Fed’s rate cuts and Trump’s trade policies are causing global market volatility, impacting the rupee’s trajectory.
Market Update: FIIs sold shares worth Rs 4,888.77 crore on Thursday, while Brent crude declined to USD 75.14 a barrel.
—————————–
Forex traders said that the recent decision of the US Federal Reserve to cut interest rates indicates a change in the global financial scenario. Apart from this, the trajectory of the rupee may again become volatile as the tax and trade policies of Donald Trump, who won the US presidential election, affect the global markets.
The rupee opened at 84.32 per dollar in the interbank foreign exchange market and after initial deals fell to its all-time low of 84.37 per dollar, showing a decline of five paise from the previous close. The rupee closed at its all-time low of 84.32 against the US dollar on Wednesday.
Meanwhile, the dollar index, which shows the position of the US dollar against six major currencies, was up 0.02 percent at 104.53. International benchmark Brent crude fell 0.65 per cent to trade at USD 75.14 a barrel.
According to stock market data, foreign institutional investors (FIIs) were sellers on Thursday and sold shares worth a net Rs 4,888.77 crore.
Also read:
