Indian Rupee Hits Record Low Against US Dollar Amid Global Currency Dynamics

Indian Rupee Hits Record Low Against US Dollar Amid Global Currency Dynamics

VoM News Desk | November 30, 2023 | 04:07 PM IST | Breaking News | Follow on Google News

Indian Rupee Hits Record Low Against US Dollar Amid Global Currency Dynamics

Indian Rupee Hits Record Low Against US Dollar Amid Global Currency Dynamics

The Indian rupee continues its downward trajectory, depreciating by 7 paise to reach a record closing low against the US dollar. Closing at 83.40 against the dollar, the rupee’s fall is attributed to the strengthening of the American currency in global markets and the rising prices of crude oil.

Dollar Index Rises

The dollar index, a critical measure of the US dollar’s performance against a basket of six major currencies, has been observed to rise by 0.42%, settling at 103.20. This increase in the dollar index has impacted various currencies, including the Indian rupee.

Market Awaiting Key Economic Data

Market participants are now keenly awaiting the release of significant economic data. The focus is on India’s Gross Domestic Product (GDP) numbers and inflation data from the United States, which are expected to provide further insights into the global economic landscape and potentially influence currency valuations.

Impact of Oil Prices on Rupee

Another factor contributing to the rupee’s pressure is the surge in oil prices. With crude oil prices rising consistently in anticipation of the upcoming OPEC meeting, where decisions regarding oil output policies and potential supply cuts for the new year are to be made, currencies of oil-importing nations like India feel the impact. Brent crude futures have seen a 1.0% increase to $83.93 a barrel, while US West Texas Intermediate (WTI) crude futures have also gone up by 0.96% to $78.61 a barrel.

Indian Stock Market’s Performance

Despite the challenges faced by the rupee, the Indian stock market indices managed to close higher in Thursday’s session. The Sensex gained 86.53 points, or 0.13%, to close at 66,988.44, while the Nifty 50 settled 36.55 points, or 0.18%, higher at 20,133.15. This positive trend in the stock market was supported by net purchases by both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs).

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.