Rupee falls 16 paise to all-time low of 82.33 against US dollar in early trade
- On Thursday, the Indian currency for the first time closed below the ₹82 level against the greenback.
Reserve Bank of India( RBI) seems to have become conservative in spending reserves.
- A negative trend in domestic equities and elevated crude oil prices sapped investor appetite.
The rupee depreciated 16 paise to an all-time low of ₹82.33 against the US dollar in early trade on Friday as a firm American currency and risk-averse sentiment among investors weighed on the local unit. Moreover, a negative trend in domestic equities and elevated crude oil prices sapped investor appetite, forex traders said.
At the interbank foreign exchange, the rupee opened at ₹82.19 against the greenback, then fell to ₹82.33, registering a fall of 16 paise over its previous close.
On Thursday, the Indian currency for the first time closed below the ₹82 level against the greenback. It plunged 55 paise to close at a record low of ₹82.17 against the US currency.
"An uptick in crude prices has caused concerns around the trade deficit to resurface. US rates staying higher for longer is not helping the capital account," IFA Global Research Academy said in a note.
Moreover, the Reserve Bank of India (RBI) seems to have become conservative in spending reserves, it said, adding that these factors are causing the rupee to adjust.
Global oil benchmark Brent crude futures fell 0.10 per cent to USD 94.33 per barrel.
On the domestic equity market front, the 30-share
Foreign institutional investors were net buyers in the capital market on Thursday as they purchased shares worth ₹ 279.01 crore, as per exchange data.
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