New Delhi: The rupee depreciated 67 paise to hit a record low of 87.29 against the US dollar early on Monday (February 3).
While market experts attributed the further depreciation of the rupee partly to Donald Trump’s move to impose tariffs on Canada, Mexico and China, which triggered fears of trade wars, even before the tariffs announced by Trump, the rupee had been constantly falling in recent times.
At the interbank foreign exchange, the rupee opened at 87 and slipped further to 87.29 against the greenback in initial deals, a fall of 67 paise from its previous close, reported the Press Trust of India.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 1.30% higher at 109.77.
The BSE Sensex was trading at 575.89 points, or 0.74%, lower at 76,930.07 points, while the Nifty also slumped 206.40 points, or 0.88 per cent, at 23,275.75 points.
The rupee has depreciated over 3.6% over the past 10 months, reported The Indian Express.
The fall of the rupee beyond the 87 per dollar mark comes days ahead of the RBI’s monetary policy review that is scheduled for later this week.
Later, the rupee closed at 87.11 against US Dollar on Monday, a 49 paise plunge from its closing value of 86.62 per dollar on Friday (January 31).
