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Forex Market: Indian rupee falls to a record low against US dollar

Mumbai: The Indian currency  depreciated against the US dollar in early trade on Tuesday. The Indian currency touched an all-time low today. As per market experts, strengthening of  American currency, elevated crude oil prices, negative trend in domestic equities and   sustained foreign fund outflows dented investor sentiments.

At the  interbank foreign exchange, the Indian rupee opened at 83.51 against the US dollar and touched a low of 83.53 in the initial trade, registering a fall of 9 paise over its previous close. On Monday, the Indian rupee declined 6 paise to settle at 83.44 against the US dollar.

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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was at 106.34, higher by 0.13 per cent. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Monday as they offloaded shares worth Rs 3,268.00 crore.

On the macroeconomic front, wholesale inflation in India  rose marginally to a three-month high of 0.53 per cent in March due to an increase in prices of vegetables, potato, onion, and crude oil.




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