Rupee sinks to all-time low amid global risk sell-off
The Indian currency recorded its steepest single-day fall in over 3 months, closing at a provisional 89.61 as massive IT stock sell-offs and trade uncertainty weighed on sentiment
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Mumbai: The rupee saw the steepest single-day fall in over three months breaching 89-a-dollar-mark for the first time and closed the session 93 paise lower at 89.61 (provisional) against the greenback on Friday, amid negative cues from domestic as well as global equity markets triggered by trade-related uncertainties.
Forex analysts attributed the sharp fall in Indian currency to the massive selling of global IT stocks amid risk-off sentiment and the lack of clarity over the proposed India-US trade deal. At the interbank foreign exchange market, the rupee opened at 88.67 and plunged to hit its lowest-ever intra-day level of 89.65 before ending the session at 89.61 (provisional) against the American currency, logging a loss of 93 paise from its previous close.
On Thursday, the rupee depreciated 20 paise to close at 88.68 against the US dollar. The unit had recorded its previous all-time intra-day low of 88.85 on September 30. The previous lowest closing level was registered at 88.81 against the US dollar on October 14. Earlier, the Indian currency had witnessed such a steep fall during intra-day on July 30 when it lost 89 paise.
