Rupee further plunges against US dollar, opens at 83.42 today

Updated: May 30th, 2024

Indian Rupee against US dollar

After registering a major slump of 22 paise on May 29, the rupee ended up at 83.42 against the US dollar today, crashing 2 paise lower than where it closed on May 29 – 83.40. According to experts, this trend may further deteriorate the rupee’s strength.

Experts reportedly attribute this slump to a strengthening American dollar, which gained amid the growing US Treasury yield over their Federal Reserve policies.

Moreover, Indian equity indices opened in the red today following muted global cues.

At 9.50 am, Sensex was at 74,188, down 314 points or 0.42% and Nifty was at 22,605, down 99 points or 0.41%.

Almost all the markets in Asia are trading with a decline. American markets closed in the red on May 29. The Dow had slipped more than 1%. The dollar index remains at 105.

Crude oil remains flat - Brent crude at $79 per barrel and WTI crude at $83 per barrel.

(With agency inputs)

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