Mumbai: The rupee slid for the fourth straight session on Friday. The Indian currency reported its biggest single-day fall on Friday. In the midsession, Indian rupee declined 46 paise to hit a new low of 85.73 against the US dollar.
As per forex traders, to strengthening American currency, increased demand of US dollar by importers for month-end and year-end payment obligations and relentless outflow of foreign capital weighed upon the Indian currency. However, easing crude oil prices globally and positive cues from domestic equity market supported the Indian currency.
Also Read: Commodity Market: Gold price shoots up for third day in a row
At the interbank foreign exchange, the Indian rupee opened weak at 85.31 and slipped further to hit its lifetime low of 85.35 against the US dollar, registering a loss of 8 paise from its previous closing level. The rupee plunged 12 paise to its record low closing mark of 85.27 against the dollar on Thursday, after declining 13 paise in the previous two sessions.
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading higher by 0.04 per cent at 107.93 . Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Thursday, as they offloaded shares worth Rs 2,376.67 crore.
Post Your Comments