Rupee Hits New All-Time Low Against Dollar, Reaching 83.35

Mumbai: The rupee closed at a record low versus the US dollar on Monday as a rise in crude oil prices sparked firm demand for the American currency from public sector banks on behalf of importers, dealers said.

Risk aversion ahead of the minutes of the US Federal Reserve’s latest meeting also sent investors to the safety of the greenback, with foreign funds pulling out of Indian assets.

The domestic currency closed at 83.35 per US dollar on Monday, a fresh closing low, according to Bloomberg data. The previous closing low was 83.34/$1 on November 10. The rupee had closed at 83.27/$1 on Friday. On a closing basis, the rupee has weakened 0.75% versus the US dollar so far in 2023.

Traders said that anticipated dollar inflows could cushion the rupee in coming days, although any surprises from the Fed could lead to volatility.

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Top Trending Stocks: Sensex Today Live, SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

Read original article here

Denial of responsibility! Verve Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment