Rupee hits record low of 83.06 against U.S. dollar

A sell-off in domestic equities and risk-averse sentiments weighed on the local unit, traders said

A sell-off in domestic equities and risk-averse sentiments weighed on the local unit, traders said

The rupee depreciated 6 paise to a record low of 83.06 against the U.S. dollar in opening trade on Thursday due to a stronger greenback overseas and unrelenting foreign fund outflows.

Besides, a sell-off in domestic equities and risk-averse sentiments weighed on the local unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened weak at 83.05 against the dollar, then slipped further to quote 83.06, a fall of 6 paise over its previous close. The local currency also hit a high of 83.07 in early deals.

In the previous session on Wednesday, the rupee plunged 60 paise to end at 83 against the dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.07% to 113.06.

Brent crude futures, the global oil benchmark, slipped 0.17% to $92.25 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 140.09 points or 0.24% lower at 58,967.10. Similarly, the broader NSE Nifty fell 43.95 points or 0.25% to 17,468.30.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth ₹453.91 crore on Wednesday, according to exchange data.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Education News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechiLive.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.