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Thursday, December 8, 2022

Rupee drops 16 paise to all-time low of 82.33 against the US dollar in early trading

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  • On Thursday, the Indian currency closed below the ₹82 level against the greenback for the first time.
  • The Reserve Bank of India (RBI) appears to have become conservative in spending reserves.
  • A negative trend in domestic equities and increased crude oil prices sapped investor appetites.


Against the US dollar, the rupee depreciated 16 paise on Friday to an all-time low of ₹82.33 against the US dollar as a strong US currency and risk averse investor sentiment weighed on the local unit. In addition, a negative trend in domestic stocks and increased crude oil prices sapped investors’ appetites, forex traders said.

On the interbank currency exchange, the rupee opened at ₹82.19 against the greenback, then fell to ₹82.33, registering a 16-paise decline from the previous close.

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

“A rise in crude oil prices has led to a resurgence of trade deficit concerns. US interest rates held higher for longer are not helping the capital account,” IFA Global Research Academy said in a note.

In addition, the Reserve Bank of India (RBI) appears to have become conservative in its reserve issuance, she said, adding that these factors are causing the rupee to adjust.

The dollar index, which measures the dollar’s strength against a basket of six currencies, was trading 0.14 percent lower at 112.10.

The global oil benchmark Brent oil futures fell 0.10 percent to USD 94.33 a barrel.

On the domestic stock market front, the 30 shares BSE Sensex was trading 111.83 points or 0.19 percent lower at 58,110.27, while the broader NSE Nifty fell 38.00 points or 0.22 percent to 17,293.80.

Foreign institutional investors were net buyers in the capital market on Thursday as they bought shares worth ₹279.01 crore, according to stock market data.

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