The rupee depreciated 32 paise to an all-time low of 89.85 against the US dollar in early trade on Tuesday, weighed down by the broad strength of the American currency in overseas markets and persistent foreign fund outflows.
Forex traders said strong dollar demand from corporates, importers and foreign portfolio investors pressurised the rupee. Moreover, elevated crude oil prices further dented investor sentiments.
At the interbank foreign exchange, the rupee opened at 89.70 against the US dollar before dropping to record low level of 89.85 , down 32 paise from its previous close.
On Monday, the rupee after sinking to 89.79 in intraday trade, settled at 89.53 against the US dollar.
“The RBI has been selling dollars in the market, but it has also bought dollars when Indian Rupee rose thus keeping the demand intact,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Bhansali further noted that, the fundamentals of the Indian economy l​The rupee depreciated 32 paise to an all-time low of 89.85 against the US dollar in early trade on Tuesday, weighed down by the broad strength of the American currency in overseas markets and persistent foreign fund outflows.
Forex traders said strong dollar demand from corporates, importers and foreign portfolio investors pressurised the rupee. Moreover, elevated crude oil prices further dented investor sentiments.
At the interbank foreign exchange, the rupee opened at 89.70 against the US dollar before dropping to record low level of 89.85 , down 32 paise from its previous close.
On Monday, the rupee after sinking to 89.79 in intraday trade, settled at 89.53 against the US dollar.
“The RBI has been selling dollars in the market, but it has also bought dollars when Indian Rupee rose thus keeping the demand intact,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Bhansali further noted that, the fundamentals of the Indian economy l ​Latest News [ SOBAN NEWS: International and National ]
