Rupee plunges to record low of 96.90 against US Dollar in early trade
PTC News Desk: The Indian rupee fell by 20 paise to a record low of 96.90 against the US dollar in early trading on Wednesday. The fall was mainly caused by a stronger US dollar, rising crude oil prices, and ongoing tensions between Iran and the US.
Forex traders said the rupee also came under pressure because Foreign Institutional Investors (FIIs) were selling Indian stocks and the stock market was declining.
In the interbank foreign exchange market, the rupee opened at 96.89 per dollar and later weakened further to 96.90. This was 20 paise lower than its previous closing value.
On Tuesday, the rupee had already fallen sharply for the eighth straight session, ending 50 paise weaker at a record low of 96.70 against the dollar.
Meanwhile, the dollar index, which measures the US dollar against six major currencies, was slightly higher at 99.262. Global oil benchmark Brent crude was trading at $110.59 per barrel in futures trade.
Indian stock markets also saw losses. The BSE Sensex dropped 517.11 points to 74,667.51, while the NIFTY 50 fell 152.45 points to 23,475.80 in early trade.
According to exchange data, Foreign Institutional Investors sold shares worth ₹2,457.49 crore on Tuesday after buying stocks for three straight sessions.
- With inputs from agencies
