After hitting all-time lows multiple times last year, the Indian rupee?again fell to a fresh low. The rupee?ended the?day at its all-time low of 83.10 against the US dollar on Thursday.
The rupee?fell to hit its all-time low, being weighed down by a strong?US dollar overseas and a negative trend in domestic equities. Forex traders said the rupee is likely to trade with a negative bias due to risk aversion in global markets and the rising US dollar, as per the PTI report.
At the interbank foreign exchange rate, the rupee ended the day at an all-time low of 83.10, registering a fall of 2 paise from its previous close.
During the session, the rupee touched a peak of 82.99 and a low of 83.16. Earlier on Monday, the rupee had depreciated 26 paise to settle at an all-time low of 83.08?against the US dollar. And then yesterday it fell to a new all-time low of 83.10.
Meanwhile, the dollar index, which gauges the US dollar's strength against a basket of six currencies, rose 0.05 percent to 103.48.
Also Read:?Explained: How RBIs Digital?Rupee?(e?) Is Different From UPI
On the domestic equity market front, the BSE Sensex closed 388.40 points, or 0.59 percent, lower at 65,151.02 points.?The NSE Nifty declined 99.75 points, or 0.51 percent, to close at 19,365.25 points. Even this morning, the Sensex is down 0.35% and the Nifty is down 0.33% (at the time of writing this report).
But overall this year, the Sensex?and Nifty are both still up more than 6% to date.
Also Read:?Why BRICS Nations Are Creating A New Currency
In a week that has seen the rupee?go to an all-time low twice, a?landmark moment did come for the Indian currency. This week, India and the?United Arab Emirates started settling bilateral trade in their local currencies, with India's top refiner making payment in rupees for the purchase of a million barrels of oil from the Middle Eastern nation, the Indian government said.
As per a Reuters report, Indian Oil Corp. made a payment to Abu Dhabi National Oil Company (ADNOC), according to a statement issued by the Indian Embassy in the UAE. The transaction comes after one involving the sale of 25 kg of gold from a UAE gold exporter to a buyer in India for about Rs 128.4 million ($1.54 million).
Also Read:?Russia Claims It Has Billions Of Indian?Rupees?That It Cannot Use
For the latest and more interesting financial news, keep reading?Indiatimes Worth.?Click here