Mumbai: The Indian rupee slipped to its record low against the US dollar in early trade on Thursday. This is the third straight session of downfall of the Indian currency. As per forex traders, the local currency was weighed down by a stronger American currency, relentless outflow of foreign funds, subdued domestic equity markets and higher crude oil prices.
At the interbank foreign exchange, the Indian rupee opened at its historic low level of 85.94 and inched up to 85.92 against the US dollar in initial deals, trading with a loss of 1 paisa from its previous close. On Wednesday, the rupee plunged 17 paise to settle at its all-time low closing level of 85.91 against the dollar.
Also Read: China-Made Drone Discovered in Bhopal Jail; Investigation Ongoing
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.11 per cent lower but stayed elevated at 108.80. Foreign institutional investors (FIIs) offloaded Rs 3,362.18 crore in the Indian capital markets on a net basis on Wednesday.
Post Your Comments