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

JP Nadda Slams Rahul Gandhi’s ‘Match-Fixing’ Claims As ‘Desperation Of Losing’ Polls

Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…

43 mins ago

Poverty In India Reduced Via Tangible Boost In Household Living Standards, Incomes

In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…

1 hour ago

Chhattisgarh: Seven Maoists Killed In Indravati National Park Operation

Five Maoists were killed in two separate encounters with security forces in Chhattisgarh’s Bijapur district,…

2 hours ago

Carney Invites Modi To G7 Summit, Highlights India’s Global Supply Chain Role

Canadian Prime Minister Mark Carney said the most populous country, with the fifth-largest economy, must…

2 hours ago

RBI Frontloads Rate Cuts To Boost Growth Amid Low Inflation: Crisil

The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…

3 hours ago

PM Modi Urges Global Action On Coastal Resilience At Nice Summit

PM Narendra Modi on Saturday called for urgent global action to build infrastructure that can…

3 hours ago