Due to the strengthening of the dollar against the world’s foreign currencies and the weakening of the Asian currencies, the rupee fell by 48 paise against the US dollar on Friday and closed at an all-time low of 83.61 per dollar. Market experts say that there is pressure on the rupee due to continuous withdrawals by foreign funds.
trading in dollar vs rupee
In the Interbank Foreign Exchange market, the rupee opened weak at 83.28 per dollar and at the end of trading fell by 48 paise against the dollar and closed at the lowest level ever at 83.61 per dollar. The rupee had also touched a low of 83.65 per dollar during trading. In the last trading session, the rupee had closed at 83.13 per dollar. In this way, a huge fall of 48 paise per dollar was recorded in the rupee. Earlier on December 13, 2023, the rupee had touched its lowest level of 83.40 per dollar.
Reason for fall of rupee
Speaking to news agency PTI, Anuj Chaudhary, research analyst at Sharekhan by BNP Paribas, said that the US dollar strengthened due to the weak euro and pound. The reason for the fall in the euro was that the Swiss National Bank (SNB) surprised the markets by cutting interest rates by 0.25 percent to 1.5 percent. This has increased the possibility of interest rate cut by the European Central Bank (ECB) in June 2024. The pound also declined after the Bank of England kept interest rates steady at 5.25 percent. Chaudhary said strong US economic data also supported the US dollar. Meanwhile, the dollar index, which gauges the US dollar’s position against six major currencies, rose 0.31 per cent to 104.32.
Indian market booming
BSE’s 30-share Sensex closed at 72,831.94 points with a gain of 190.75 points. According to stock market data, foreign institutional investors (FIIs) were net sellers in the capital market. They made a net sale of shares worth Rs 3,309.76 crore on Friday. At the same time, global oil standard Brent crude futures were down by 0.05 percent at $ 85.74 per barrel.
Latest Business News