Rupee Opens Flat at 82.82, After Touching an 8-Month Low of 82.91 on Wednesday
The Wire Staff
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New Delhi: The rupee depreciated by 16 paise to settle at more than an eight-month low of 82.91 against the US dollar on Tuesday, August 8.
On Wednesday, the currency opened flat at 82.82 against the US dollar amid strength in the American currency and weak risk appetite.
On Monday, the rupee had settled at 82.75 against the dollar.
Forex traders told PTI the rupee is trading lower on strong dollar and foreign fund outflows over the past few days.
The rupee depreciated 7.8% in the last financial year, the most since 2019-20, Business Standard had reported.
The currency fell more than 10% in 2022, performing worse than almost all Asian currencies. It closed the financial year of 2023 at 82.18 to a dollar. It was 75.79 in the previous year.
According to Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services, the central bank is expected to keep rates on hold but the commentary will trigger volatility for the currency.
This article went live on August ninth, two thousand twenty three, at forty-one minutes past two in the afternoon.The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.