Rupee Nears All Time Low, Settles At 83.15 Against US Dollar

The rupee depreciated to the second-lowest mark ever on August 17 as it slid to 83.15 against the US dollar, weighed down by a robust greenback overseas and a bearish trend in domestic equities. The Indian rupee began the session with a decline of 5 paise from its earlier close. Previously, currency market remained closed on Tuesday and Wednesday.

It is worth noting that the strengthening dollar had earlier pushed the rupee to 83.20 on October 20, 2022, its all time low.

The rupee opened weaker than Mondays close at 82.95 and remained weak throughout the day as RBI allowed the weakness beyond 82.95, though it was selling dollar to put a break on the speed of the depreciation.

Forex traders said rupee is expected to trade with a negative bias on risk aversion in world markets and soaring US dollar, according to a PTI report.

Speaking on the performance of rupee, analyst Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP said, "As Asian currencies remained weak throughout the day despite the intervention in Yuan by PBOC, rupee could not gain much ground as risk aversion was the name of the game. The sensex and Nifty both fell by 0.65% after a rise in Asian and European indices."

Earlier, this week on Monday, the rupee witnessed a decline of 26 paise to settle at an all-time low of 83.08 against the US dollar.

Meanwhile, the 30-share BSE Sensex declined 388.4 points or 0.59% on Thursday to settle at 65,151.02, snapping the two-day rally. The NSE Nifty tumbled 99.75 points or 0.51% to end at 19,365

From the Sensex pack, shares of Titan Company, SBI, Bajaj Finserv, Tech Mahindra emerged as the top gainers. The stocks that witnessed decline are ITC, Power Grid Corp, Reliance Industries, and Larsen & Toubro Ltd.