HomeBusinessThe rupee has fallen by 16 paise to an all-time low of...

The rupee has fallen by 16 paise to an all-time low of 82.33 against the US dollar.

Forex traders said negative trend in domestic equities and higher crude oil prices dampened investor appetite.

Forex traders said negative trend in domestic equities and higher crude oil prices dampened investor appetite.

The rupee depreciated 16 paise to an all-time low of 82.33 against the US dollar in early trade on October 7, 2022, as there was a firm US currency and risk-averse sentiment among investors on the local unit.

Besides, a downside trend in domestic equities and higher crude oil prices dampened investor appetite, forex traders said.

At the interbank forex, the rupee opened at 82.19 against the greenback, then fell to 82.33, registering a fall of 16 paise over its previous close.

On Thursday, the Indian currency closed below the level of 82 against the greenback for the first time. It closed at a record low of 82.17, down 55 paise against the US currency.

“The rise in crude oil prices has raised concerns about a resurgence of the trade deficit. Prolonged US rates are not helping the capital account,” IFA Global Research Academy said in a note.

Further, it seems that the Reserve Bank of India (RBI) has become conservative in reserve spending, saying these factors are causing the rupee to adjust.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.14 per cent lower at 112.10.

Global oil benchmark Brent crude futures fell 0.10% to $94.33 a barrel.

On the domestic equity market front, the 30-share BSE Sensex was trading 111.83 points or 0.19% lower at 58,110.27, while the broader NSE Nifty ended 38.00 points or 0.22% lower at 17,293.80.

Foreign institutional investors were net buyers in the capital markets on Thursday as they bought shares worth Rs 279.01 crore, according to exchange data.

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