Rupee Falls: The Indian rupee has dropped by 9 paise to 90.58, the lowest ever against the US dollar, in the early hours of Monday trading. This decline was the result of the uncertainty over the trade deal between India and the US and the continued withdrawal of foreign funds from the Indian markets. In the interbank foreign exchange market, rupee started at 90.53 and soon reached a new low of 90.58 against the dollar in the hour of hanging on. On Friday already the rupee was down to a new low of 90.49, falling 17 paise. Forex traders have pointed out that the rupee is pressed down by cautious investors who are really waiting for trade talks between India and the US to provide clear signals. Moreover, the domestic currency has been weakened by the continuous selling of Foreign Institutional Investors (FIIs). At the same time, the US dollar index that measures the dollar’s power against six main currencies was a little dip to 98.35. Moderate Global oil prices were also affected and Brent crude saw an increase of 0.52% to reach USD 61.44 per barrel On the stock market side, the main indexes were showing a downward trend. Firstly, the Sensex experienced almost a 299 point decrease, and the Nifty at the same time was dragged down more than 121 points in the early trading session. Data from the exchange indicates that foreigners sold shares worth ₹1,114.22 crore on that Friday. Market analysts have stated that the selling of shares by FPIs and uncertainty in the world market will still keep the rupee under pressure for a longer time.
Rupee Falls to Record Low of 90.58 Against US Dollar
