Rupee Hits New Low of 74.45 Against the US Dollar
PTI
Real journalism holds power accountable
Since 2015, The Wire has done just that.
But we can continue only with your support.
Mumbai: The rupee on Thursday weakened by 24 paise to hit another low of 74.45 against the US dollar on strong demand for the American currency from importers amid unabated foreign fund outflows and sharp losses in the domestic equity market.
At the Interbank Foreign Exchange (forex) market, the domestic currency opened weak at 74.37 and slipped further to quote at an all-time low of 74.45, depreciating 24 paise against the US dollar in the early trade.
Also Read: The Slide of a Floating Rupee: What Should and Shouldn't Be Done?
Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows weighed on the domestic currency.
On Wednesday, the rupee snapped its six-session losing streak to end 18 paise higher at 74.21 against the US dollar after the American currency weakened overseas.
Foreign institutional investors (FIIs) sold shares net worth a net of Rs 1,096 crore Wednesday, provisional data showed.
Investors remained concerned over sustained foreign capital outflows.
Meanwhile, the BSE benchmark Sensex crashed 1,030.40 points, or 2.95%, to hit 33,730.49 in opening trade.
This article went live on October eleventh, two thousand eighteen, at sixteen minutes past one in the afternoon.The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.