Business News : Rupee closes at all-time low, falls 48 paise

The rupee opened weak at 83.28 against the dollar in the interbank foreign exchange market. It had come down to a low of 83.65 in the day’s trading. In the last trading session, the domestic currency had closed at 83.13 per dollar. Meanwhile, the dollar index, which gauges the US dollar’s position against six major currencies, rose 0.31 per cent to 104.32.

According to stock market data, foreign institutional investors (FIIs) were net sellers in the capital market. They made a net sale of shares worth Rs 3,309.76 crore on Friday.

Dollar strengthened due to these reasons
Anuj Chaudhary, research analyst at Sharekhan by BNP Paribas, said, the dollar strengthened due to weak euro and pound. The euro fell because the Swiss National Bank surprised markets by cutting interest rates by a range of 0.25 per cent to 1.5 per cent. This has increased the possibility of the European Central Bank reducing interest rates in June 2024. The pound also declined after the Bank of England kept the interest rate stable at 5.25 percent. Strong US economic data also supported the dollar.