Rupee Falls Against US Dollar by 23 Paise, Sets Fresh Record Low

The Indian Rupee has fallen again by 23 Paise, as per the reports. The Rupee fell 23 paise against the US Dollar to a new all-time low of 91.01 (provisional) on Tuesday. Due to ongoing foreign fund outflows, a persistent US dollar purchase and a lack of progress in the India-US trade agreement, the Rupee has fallen again.

The international economy is changing rapidly. This year we saw significant changes. In the previous 10 trading days, the value of the Rupee has declined from 90 to 91 against the Dollar. In the last five sessions alone, the unit has lost 1% of its value versus the Dollar.

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The Rupee began the day at 90.87 against the US Dollar on the interbank foreign exchange market, where it traded in the range of 90.76 to 91.14 before ending the day at 91.01 (provisional), 23 Paise lower than its previous close. The local unit ended the day at 90.78 against the US Dollar on Monday, a 29 Paise decrease from its previous close, according to the reports.

Let’s learn about the market conditions. The Wholesale Price Index (WPI) based inflation rate was 2.16% in November of last year and -1.21% in October. The dollar index, which measures the value of the greenback relative to a basket of six currencies, was trading 0.03% lower at 98.27 at that time.

The price of Brent Crude, the world’s benchmark for oil, fell 0.61% to 60.19 USD a barrel in futures trading. On the local equity market front, the 30 share benchmark Sensex fell 363.92 points to 84,849.44 in early trade, while the Nifty dropped 106.65 points to 25,920.65. According to exchange statistics, foreign institutional investors (FIIs) sold shares worth Rs. 1,468.32 crore on Monday.