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The Indian rupee fell 23 paise to close at a record low of 92.63 against the U.S. dollar, pressured by a stronger greenback and continued FII outflows. Rising crude oil prices due to West Asia tensions also impacted sentiment.
Indian Rupee Slumps 23 Paise Amid Strong Dollar
New Delhi: The Indian rupee fell 23 paise to close at a record low of 92.63 (provisional) against the US dollar on Wednesday. Continued selling by foreign investors and a strengthening dollar kept the rupee under pressure. Market experts say global economic uncertainties also weakened investor sentiment.
High global crude oil prices also contributed to the rupee's weakness. Rising tensions in West Asia have led to elevated Brent crude prices. Currently, Brent crude is trading around $103.4 per barrel, increasing pressure on import-dependent countries like India.
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The rupee opened at 92.42 in the interbank foreign exchange market and traded in a range of 92.41 to 92.48 throughout the day. However, the decline accelerated towards the end of the session and closed at a record high of 92.63. During trading, the rupee also reached an intra-day low of 92.65, its lowest level ever.
The rupee fell to an intra-day low of 92.47 and closed at 92.40. The continued decline indicates that the rupee remains weak in the foreign exchange market and pressure may continue in the near future.
The dollar index, which measures the strength of the US dollar against six major currencies, rose 0.05% to 99.62. This clearly indicates that the dollar is strengthening globally, which is directly impacting the currencies of emerging economies.
However, the domestic stock market witnessed strength. The Sensex rose 633.29 points to close at 76,704.13, while the Nifty climbed 196.65 points to 23,777.80. Despite this, the rupee did not receive any significant support.
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Foreign Institutional Investors (FIIs) sold shares worth ₹4,741.22 crore. This continued selling has put additional pressure on the rupee.
Several global and domestic factors are responsible for the rupee's decline. A strong dollar, expensive crude oil, and selling by foreign investors have combined to push the Indian currency to record lows. The market's direction in the coming days will depend on global cues.
