Rupee falls 8 paise to hit fresh low of 84.50 against US dollar

At the interbank overseas exchange, the rupee opened astatine 84.41 and touched the lowest-ever level of 84.51 against the greenback during intra-day.

The portion ended the league astatine 84.50 (provisional) against the dollar, surpassing its erstwhile lowest closing level of 84.46 recorded connected November 14.

On Tuesday, the rupee settled level astatine 84.42 against the US dollar.

The overseas speech marketplace was closed connected Wednesday owed to Assembly elections successful Maharashtra.

Jateen Trivedi, VP probe expert – commodity and currency, LKP Securities, said the rupee weakened arsenic unit mounted owed to the dollar scaling higher supra 106.65 amid renewed planetary uncertainties with geopolitical tensions betwixt Russia and Ukraine adding to planetary hazard aversion.

At the aforesaid time, sell-off successful home equity markets was fuelled aft the Adani radical faced bribery and fraud charges successful the US.

“This has further fuelled FII outflows, continuing the inclination of superior formation from Indian markets,” Trivedi said.

The rupee’s trading scope is expected betwixt 84.35 and 84.65, with continued weakness apt successful the near-term, Trivedi added.

Dollar scale trades higher

Meanwhile, the dollar index, which gauges the greenback’s spot against a handbasket of six currencies, was trading higher by 0.04 per cent astatine 106.66.

Brent crude, the planetary lipid benchmark, surged by 1.35 per cent to $73.93 per tube successful futures trade.

In the home equity market, the 30-share BSE Sensex tumbled 422.59 points, oregon 0.54 per cent, to adjacent astatine 77,155.79 points, portion Nifty fell 168.60 points, oregon 0.72 per cent, to settee astatine 23,349.90 points.

Foreign organization investors (FIIs) were nett sellers successful the superior markets connected Tuesday, arsenic they offloaded shares worthy Rs 3,411.73 crore, according to speech data.