The Indian rupee depreciated against the US dollar by 13 paisas on Tuesday’s interbank foreign exchange market, opening at 79.58.
In early trade on Tuesday, the rupee hit a record low versus 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 opposed to 79.25 on Friday. During the session, the unit reached a lifetime low of 79.44, breaking its previous low of 79.3750 set last week.
The domestic equity market’s sensex decreased.
In terms of domestic equities, the sensex dropped by 0.41 percent, or 220.54 points, to 54,174.69, and the nifty down by 0.47 percent, or 76.60 points, to 16,139.40.
Last Wednesday, the Reserve Bank of India (RBI) announced a number of initiatives to increase the inflow of dollars, including opening up more government assets under the fully accessible channel and enabling foreign investors to purchase short-term corporate debt.
