On Friday, the rupee dropped 5 paise to an all-time low of 84.37 against the US dollar, fueled by ongoing outflows of foreign funds and a weak trend in domestic stocks.
According to Forex dealers who spoke to PTI, the US Federal Reserve’s recent move to lower interest rates implies a change in the global financial landscape. Furthermore, volatility may return to the rupee’s path due to Donald Trump’s tax and trade policies impacting international markets.
With a 5-paise increase over its previous finish, the rupee began at 84.32 versus the US dollar and then dropped to its lowest point ever, 84.37, on the interbank foreign exchange. In addition, the rupee fell 1 paisa versus the US dollar on Thursday, closing at an all-time low of 84.32.
The rupee dropped 0.04 rupees in value, trading weakly at 84.36. The rupee’s value has been further impacted by the net selling position taken by foreign institutional investors (FIIs) in Indian markets.
The Reserve Bank of India (RBI) and its ability to handle this changing currency environment will now be the main focus. Only those who can quickly adjust will prosper in the market going forward in such a changing climate.
