Re Falls 11ps To All-Time Low Of 84.09/$

Mumbai: The rupee on Friday fell 11paise, revisiting its all-time low of 84.09 against the US dollar, tracking a weak domestic equity market and continued FII outflows. The situation in the Middle East continues to be volatile and might keep oil prices high and the rupee weak in the short term, according to forex traders. At the interbank foreign exchange, the rupee opened at 83.97 against the dollar, 1paisa higher than previous day’s close. It rose to the day’s high of 83.96 but tumbled to 84.10 before revisiting its all-time low of 84.09, 11paise lower than its previous close. The domestic unit had closed at 83.98 on Thursday. “After keeping it in a range below 83.99 since August 8, 2024, the Reserve Bank of India (RBI) finally allowed rupee to weaken past 84 as FPIs who have emerged as big sellers in equities continued to buy USD to take their money out of the country,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. “We can now expect the rupee to move to 84.25 in the short term. Importers will continue buying at all dips and exporters may now hold their exports with a stop below 83.95. The Iran/Israel/Lebanon news also does not seem good and could keep oil strong and the rupee weak,” he said.