New Delhi: The rupee on Tuesday (April 16) dipped to a record closing low at 83.54 per dollar, against the previous close of 83.45.
According to The Hindu Business Line, the rupee was “weighed down by a strong dollar, rising geo-political tensions and sell-off by foreign portfolio investors”.
“Indian government bonds, too, weakened and the benchmark 10-year bond yield touched a near three-month peak on worries over the heightened conflict in West Asia and receding bets of an early rate cut by the Federal Reserve. In the US, too, the benchmark bond yield climbed further,” Business Standard reported.
“The Indian rupee drifted lower amid geopolitical worries and foreign fund outflows. However, the local rupee remained the median performer amid a better macro environment. Trimming trade deficit, expectations of dollar inflows in debt markets and strong growth momentum have been supportive for the rupee,” said Dilip Parmar, Research Analyst, HDFC Securities, according to The Indian Express.
The last record low closing was on Monday, when the rupee closed at Rs 83.45 per dollar.
