Rupee hits a new record low, falls past 83 per dollar for the first time
By Team Newsable | First Published Oct 20, 2022, 10:41 AM ISTThe dollar rose against the rupee early on Thursday, breaking the 83-mark for the first time ever. This sent the rupee to a new record low of 83.06. Since the start of this year, the rupee has depreciated by more than 8–9%.
The rupee depreciated 6 paise to a record low of 83.06 against the US dollar in opening trade on Thursday due to a stronger greenback overseas and unrelenting foreign fund outflows. The local currency also suffered from a sell-off in domestic stocks and risk-averse attitudes, according to FX dealers.
The domestic unit at the interbank foreign exchange started out weakly versus the dollar at 83.05, then declined further to quote 83.06, a loss of 6 paise from its previous closing.
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Early transactions saw the local currency reach a high of 83.07. The rupee fell 60 paise to conclude the previous session on Wednesday at 83 versus the dollar. In the previous session on Tuesday, the rupee slipped 10 paise to end at 82.40 against the dollar.
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Since the start of this year, the rupee has depreciated by more than 8–9%. It has already seen many all-time lows in 2022. The Russia-Ukraine war, which increased global prices and economic instability and resulted in capital flight from India, made the rupee's decline even worse.
The dollar index, which measures the strength of the dollar against a basket of six different currencies, increased 0.7% to 113.06. The benchmark for world oil, Brent crude futures, fell 0.17 percent to USD 92.25 a barrel.
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The 30-share BSE Sensex was down 140.09 points, or 0.24 percent, at 58,967.10 on the domestic equities market. The larger NSE Nifty also declined, down 43.95 points, or 0.25 percent, to 17,468.30. According to exchange statistics, Foreign Institutional Investors (FIIs) sold shares worth Rs 453.91 crore on Wednesday, making them net sellers in the capital markets.
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(With PTI inputs)
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