Mumbai: The Indian rupee fell to all-time low against the US dollar and the UAE dirham in the forex market. The sharp surge in crude oil prices, expectation over interest rate hikes by the Reserve bank of India, sustained foreign fund outflows and negative trend in the Indian share market has weighed upon the domestic currency.
India imports more than two-thirds of its oil needs and thus the rising crude oil prices will increase the trade deficit of the country and boost inflation.
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At the interbank foreign exchange, the Indian rupee is trading at 76.86 against the US dollar, lower by 81 paise. It is trading at 20.97 against the UAE dirham. On Friday, the Indian rupee settled at 76.17, lower by 23 paise against the US dollar. This is lowest closing level since December 15, 2021. The rupee struck its previous record low of 76.9050 on April 22, 2020.
The dollar index, which measures the US dollar’s strength against a basket of six currencies, rose 0.29% to 98.93. Foreign institutional investors remained net sellers in the Indian share market as they offloaded shares worth Rs 7,631.02 crore.
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