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.
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“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.
