Indian Rupee Hits All-Time Low Of 83.33 Against US Dollar

Mumbai: The Indian rupee faced a challenging day as it depreciated by 9 paise, closing at an all-time low of 83.33 (provisional) against the US dollar on Wednesday. This decline was influenced by several factors, including the strength of the US dollar against major global currencies and consistent foreign capital outflows.

Furthermore, a negative trend in the domestic stock market and rising crude oil prices due to geopolitical tensions in the Middle East contributed to a pessimistic sentiment among investors, according to forex traders.

The rupee began the trading day at 83.26 against the US dollar, reaching an intraday low of 83.35 and a high of 83.26 during the session. Ultimately, it settled at its record low of 83.33 (provisional), marking a 9 paise drop from its previous close of 83.24 on Tuesday.

Forex experts anticipate that the rupee may continue to trade with a slight negative bias in the near term due to these factors.

The dollar index was up by 0.20% at 106.87, while Brent crude oil futures rose by 1.34% to reach USD 86.16 per barrel.

On the domestic front, the BSE Sensex index declined by 0.44%, while the NSE Nifty index dropped by 0.47%.

The rupee’s woes were further compounded by disappointing macroeconomic data from India and foreign institutional investor (FII) selling.