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Forex Market: Indian rupee settles all-time lower against US dollar

Mumbai: The Indian rupee  settled at an all-time low against the US dollar. This is for third day in a row that the Indian currency is settling lower against the American currency. The  strengthening of the American currency, negative trend in domestic equities, foreign fund outflows, escalation of geopolitical risks due to conflict in Ukraine and risk-averse sentiment among investors weighed on the local currency.

At the interbank foreign exchange, the Indian rupee opened at 81.47 against the US dollar. It  then fell to 81.63, registering a fall of 54 paise over its previous closing. On Friday, the Indian currency slumped 30 paise to close at a fresh lifetime low of 81.09 against the US dollar.

Also Read: Stock Market: Equity indices end lower for 4th day in a row 

The dollar index, which measures the US dollar’s strength against a basket of six currencies, surged 0.67% to 113.94. Foreign institutional investors were net sellers in the Indian capital market  as they offloaded shares worth Rs 2,899.68 crore. Meanwhile, the country’s forex reserves declined $5.219 billion to $545.652 billion for the week ended September 16.


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