Business

Rupee Drops 9 Paise To Settle At a Record Low Of 83.22 Against The US Dollar

On Thursday, the rupee fell against the US dollar for the fourth straight day, ending the day 9 paise down at a lifetime low of 83.22 (provisional). This happened despite a strong US dollar and rising crude oil prices.

However, according to FX traders, the rupee was given some support by the uptick in domestic equity markets.

After oil-producing nations agreed to extend supply cuts until December of this year, crude oil crossed the USD 90 per barrel threshold, and the dollar held steady due to demand for safe-haven assets.

The native currency at the interbank foreign exchange started trading at 83.15 versus the dollar and fluctuated between 83.12 and 83.22. It lost 9 paise from its previous closing to conclude at the lowest level of 83.22 (provisional) against the dollar.

The rupee ended the day on Wednesday 9 paise weaker at 83.13 against the dollar. Previously, on August 21, the Indian rupee had ended the day at the same price of 83.13.

The native currency has lost 60 paisa since closing at 82.71 versus the US dollar on Monday, down 9 paisa. The unit experienced its steepest decline this week on Tuesday, falling 33 paise.

Also read: Reliance Jio Completes 7 Years: Here’s How Journey Has Evolved So Far

“Due to the strong dollar and high crude oil prices, we anticipate that the rupee will trade with a negative bias.

Depressing European data could strengthen the dollar even further. The rupee may also be affected by rising US Treasury yields and worries over global economic development, according to Anuj Choudhary, a research analyst at Sharekhan by BNP Paribas.

Kavya Bhatt

Recent Posts

India And Nigeria Strengthen Counter-Terrorism Cooperation In Second Strategic Dialogue

Doval and Ribadu held detailed talks on challenges linked to terrorism and radicalization, including those…

15 mins ago

Ola Electric’s Share Hits All-Time Low Of Rs 74 Ahead Of Q2 Results

Analysts predict that the stock could drop closer to the Rs 70 mark. Ola Electric…

1 hour ago

US Election: Voting Begins With First Ballots Cast In New Hampshire

This election is one of the most divisive in US history. Harris and Trump have…

1 hour ago

Waqf Bill: Opposition MPs Meet LS Speaker, Lodge Protest Against JPC Chairman Jagdambika Pal

Opposition members alleged that Pal calls JPC meetings without consulting them and restricts their opportunity…

2 hours ago

Delhi HC Rejects Khalid Saifi’s Plea To End Attempted Murder Case In 2020 Riots

The Delhi Police opposed Saifi’s bail, citing evidence from WhatsApp messages exchanged among the accused.…

3 hours ago

Maha Kumbh 2025: Uttar Pradesh Enhances Security With Face Recognition Cameras

To protect millions of devotees at Maha Kumbh, the UP govt is implementing advanced security…

3 hours ago