The Indian rupee came under heavy pressure on Thursday amid the ongoing war in West Asia and rising crude oil prices. Rupee fell by 35 paise to all-time low of 92.36 against the US dollar.
The rupee opened at 92.25 per dollar at the interbank foreign exchange market, but fell steadily during the day’s trade to reach 92.36 per dollar. This is a decline of 35 paise from the previous closing level and is the all-time record low intra-day level.
Heavy selling weakened the rupee
According to foreign exchange traders, the rise in crude oil prices in the international market and the strengthening of the US dollar have increased the pressure on the rupee. Along with this, weak sentiment in the domestic stock market and heavy selling by foreign institutional investors (FIIs) also further weakened the rupee.
What was the record low level of the last few days?
The rupee had seen its previous record intraday low of 92.35 against the dollar on March 9. On Wednesday, it fell 16 paise to close at 92.01 against the US dollar.
- The dollar index, which measures the dollar’s strength against a basket of six currencies, was trading 0.18 percent higher at 99.40.
- Global oil benchmark Brent crude was trading 6.72 per cent higher at US$98.16 per barrel in futures trade.
- Talking about the domestic stock market, Sensex fell 445.26 points or 0.58 percent to 76,418.45, while Nifty fell 121.70 points or 0.51 percent to 23,745.15.
- According to exchange data, foreign institutional investors sold shares worth Rs 6,267.31 crore on a net basis on Wednesday.