The rupee fell 5 paise to an all-time low of 84.37 against the US dollar on Friday on the back of continuous foreign fund outflows and a lacklustre trend in domestic equities.
US Federal Reserve’s recent decision to cut interest rates signals a shift in the global financial landscape, said Forex traders reported PTI. Moreover, with Donald Trump’s tax and trade policies influencing global markets, volatility could re-enter the rupee’s trajectory.
The rupee opened at 84.32 against the greenback, then it fell further to an all-time low of 84.37, registering a rise of 5 paise over its previous close, at the interbank foreign exchange.
Also, the rupee slipped 1 paisa to close at an all-time low of 84.32 against the US dollar on Thursday.
“The rupee traded weak at 84.36, registering a decline of 0.04 rupees. Foreign Institutional Investors (FIIs) have maintained a net selling stance in Indian markets, further weighing on the rupee’s value,” said Jateen Trivedi, Vice President and Research Analyst of Commodity and Currency at LKP Securities.
“The spotlight will now be on the Reserve Bank of India (RBI) and how effectively it navigates this shifting currency landscape. In such a dynamic environment, only those who adapt swiftly will thrive in the market ahead,” CR Forex Advisors Managing Director Amit Pabari said to PTI.
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