Rupee tanks 86 paise to settle at fresh all-time low of 94.82 against US dollar
The rupee tanked 86 paise to close at yet another all-time low of 94.82 (provisional) against the US dollar on Friday, weighed down by elevated oil prices and a stronger greenback amid uncertainties over the West Asia conflict.A sharp decline in the domestic equity markets and sustained FII outflows put further pressure on the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened at 94.18 and breached the 94.50-mark for the first time before closing at 94.82 (provisional) against the US dollar, down 86 paise from its previous close. The rupee slumped 20 paise to close at a record low of 93.96 against the US dollar on Wednesday.
Stock, forex, commodity, and bullion markets remained closed on Thursday on account of Ram Navami.The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.11 per cent higher at 100. Brent crude, the global oil benchmark, was trading at $109.8 per barrel, up 0.53 per cent, in futures trade.On the domestic equity market front, the Sensex crashed 1,690.23 points, or 2.25 per cent, to 73,583.22 points, while the Nifty fell 486.85 points, or 2.09 per cent, to 22,819.60.Foreign institutional investors sold equities worth INR 1,805.37 crore on a net basis on Wednesday, according to exchange data.
