Mumbai: The Indian rupee dropped against the US dollar in early trade on Wednesday. The Indian currency is hovering around its all-time low level. As per forex traders, dollar demand from importers and foreign banks and a muted trend in domestic equities further dented investor sentiments.
At the interbank foreign exchange, the Indian rupee opened at 84.92 against the US dollar, registering a fall of 1 paisa over its previous close. On Tuesday, the rupee settled at its all-time low closing level of 84.91 against the US dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading lower by 0.03 per cent at 106.92.
Foreign Institutional Investors (FIIs) offloaded Rs 6,409.86 crore in the Indian capital markets on net basis on Tuesday. India’s exports in November contracted 4.85 per cent year-on-year to $32.11 billion, while the trade deficit widened to an all-time high of $37.84 billion due to a record surge in gold imports. The country’s gold imports in November reached a record high of $14.86 billion, registering a four-fold. Gold imports stood at $3.44 billion in November 2023.
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