Rupee falls to all-time-low against US Dollar in yet another blow
Updated: Jun 20th, 2024
Indian rupee yet again touched record low against US Dollar in the second half of today’s trading session. After closing at 83.45 in the previous trading session, the rupee weakened even more and slipped to an all-time low at 83.63 against the US dollar due to robust demand for dollar by the local importers.
The dollar Index (DXY), which measures the Greenback’s strength against major currencies, was trading strong by 0.02% at 104.90 against most Asian currencies after the Swiss National Bank reduced the interest rates. China’s Yuan was also trading at a record low for the first time since November 2023.
The Indian Rupee was trading near record low for weeks due to strong Greenbank, the pressure from equity outflows, and increased demand for dollars in the corporate market. However, the Reserve Bank of India (RBI) would often intervene to stop the currency from touching record low. The last time that the Indian rupee touched a record low was on June 12.
Despite this setback, the Indian rupee is still performing strongest among all the Asian currencies after the Hong Kong dollar. India’s benchmark indices also closed in the green today following a rally in metal and banking stocks. At closing, Sensex settled at 77,478, up 141 points or 0.18%, and Nifty was up 51 points or 0.22%, at 23,567.
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