Indian rupee falls to record low, closes at 83.02 against US Dollar
The rupee fell to a record low of 82.7750 per dollar, down from 82.36 in the previous session.
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The rupee fell to a record low of 82.7750 per dollar, down from 82.36 in the previous session.
Rupee v/s Dollar: India's forex reserves dropped by USD 4.854 billion to USD 532.664 billion as on September 30, the Reserve Bank said on Friday.
According to a Reuters poll of 40 foreign exchange strategists, India's rupee will trade near its record low against the mighty greenback beyond this year, buffeted by rising oil prices and an aggressive US Federal Reserve rate-hiking campaign,
After infusing funds in the last two months, foreign investors turned sellers again in September and pulled out Rs 7,600 crore from the Indian equity markets amid a hawkish stance by the US Fed and sharp depreciation in the rupee.
The rupee consolidated in a narrow range and settled 9 paise higher at 81.58 (provisional) against the US dollar on Tuesday as the American currency retreated from its elevated levels. At the interbank forex market, the local unit opened at 81.45 against the greenback.