Rupee plunges 12 paise to close at new all-time low of 85.27 against U.S. dollar
The Hindu
Forex traders react to dollar demand, import tariffs, and market trends as rupee hits all-time low.
The rupee stayed weak for the third straight session and fell 12 paise to settle at a fresh all-time low of 85.27 (provisional) against the U.S. dollar on Thursday, amid a strong greenback and rising crude oil prices.
Forex traders said, increased month-end as well as year-end dollar demand from importers and fear of an aggressive import tariff by the Donald Trump administration lifted the American currency.
At the interbank foreign exchange, the rupee opened weak at 85.23 and touched the lowest-ever level of 85.28 against the greenback during intraday trade.
The unit finally ended the session at its lifetime low closing level of 85.27 (provisional) against the dollar, registering a loss of 12 paise from its previous close.
The rupee fell 4 paise to settle at 85.15 against the U.S. dollar on Tuesday, a day after losing 9 paise on Monday.
The forex market was closed on Wednesday for Christmas.
According to Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, the rupee fell to a fresh all-time low on strong dollar and rising U.S. treasury yields that are at the highest levels in seven months.
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