The Indian rupee depreciated against the US dollar by 13 paisas on Tuesday's interbank foreign exchange market, opening at 79.58.
Digital Desk: In early trade on Tuesday, the rupee hit a record low against the US dollar of 79.58 as ongoing foreign portfolio withdrawals from domestic stock markets and a broadly firmer US dollar weighed on the currency despite sporadic dollar selling intervention.
The Indian rupee depreciated against the US dollar by 13 paisas on Tuesday's interbank foreign exchange market, opening at 79.58.
This occurred after the rupee's Monday closing low versus the US dollar set a record.
In the local session, the partially convertible rupee's closing price against the dollar was 79.4375/4475 as compared to 79.25 on Friday. During the session, the unit reached a lifetime low of 79.44, surpassing its previous low of 79.3750 set last week.
Domestic stock indices saw declines of 0.41 percent, or 220.54 points, to 54,174.69 on the sensex and 0.47 percent, or 76.60 points, to 16,139.40 on the nifty.
The Reserve Bank of India (RBI) made a number of announcements last Wednesday in an effort to increase the influx of dollars, including the opening up of further government assets under the fully accessible route and the opening up of short-term corporate debt to foreign investors.
Continue Reading
