Rupee reaches record low level
On Monday, the Indian rupee also fell by 4 paise to its new all-time low of Rs 84.11 (provisional) against the dollar amid weakness in the Indian stock market and continuous withdrawal of foreign funds. Forex traders said the Indian rupee has fallen to its lowest ever level under pressure from domestic markets. Let us tell you that today a decline of more than 1 percent was recorded in the Indian stock market. Along with this, improvement in crude oil prices and withdrawal of FIIs also affected the trend of investors. However, a weakening dollar prevented a sharp decline.
Today Indian Rupee opened at 84.07
The Indian rupee opened at 84.07 against the dollar in the Interbank Foreign Currency Exchange market. After trading between a high of 84.06 and a low of 84.12, it finally closed at an all-time low of 84.11 per dollar (provisional), down by four paise. On Thursday, the rupee had closed at 84.07 per dollar with a rise of 1 paise against the US dollar. Let us tell you that the foreign exchange market was closed on Friday on the occasion of Diwali. Meanwhile, the dollar index, which shows the strength of the dollar against six major currencies of the world, was trading 0.52 percent down at 103.73.
Dollar also declined
Anuj Chaudhary, research analyst at Sharekhan by BNP Paribas, said the dollar declined on Friday due to a disappointing non-agriculture payroll report from the US and ISM Manufacturing PMI data. The US added just 12,000 jobs in October 2024 compared to the forecast of 1,06,000 jobs, while the ISM Manufacturing PMI fell to 46.5 in October, below the forecast of 47.6. Besides, global oil benchmark Brent crude rose 2.63 percent to $75.02 per barrel.
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