Dollar vs Rupee: The value of the Indian rupee has fallen to an all-time low!
Dollar vs Rupee: The value of the Indian rupee has fallen to an all-time low!
The strength of the US currency and soaring interest rates have encouraged foreign investors to profit by selling Indian stocks.
Mumbai: The Indian rupee fell by 5 paise in early trade on Tuesday, hitting an all-time low of Rs 85.16 against the US dollar, amid a strengthening US currency and continued foreign capital outflows.
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Dollar vs Rupee: The value of the Indian rupee has fallen to an all-time low! |
Forex traders said that while positive factors in the domestic equity market provided some recovery, the rise in crude oil prices due to high dollar demand and geopolitical situation has pushed the local market further down.
The strength of the US currency and rising interest rates have prompted foreign investors to take profits by selling Indian stocks. The rupee opened at Rs 85.10 against the dollar at the interbank foreign exchange this morning. But by the end of the session, it had fallen by 5 paise to an all-time low of Rs 85.16.
The rupee had fallen 7 paise to 85.11 against the dollar on Monday. Meanwhile, the Nifty rose 13.70 points, or 0.06 per cent, to 23,767.15.