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

By Lawrence Booth
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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.

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Lawrence Booth27919 posts 0 comments

    Lawrence Booth was born in Indiana and raised in Oklahoma, except for the time when he moved back to New York and attended high school there. He studied History and Literature at the IT University. He began writing his debut novel after obsessing over books about Politics. When He's not writing, he can be found wandering through nature or journaling at a coffee shop. Lawrence is the author of The Loud of Bones and The Forest of Rich Girls, and currently lives in Agra with His Wife and Son.

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