Rupee dives 104 paise against US dollar
The Indian rupee on Friday posted its biggest single-day fall in nearly 19 months, tumbling 104 paise to close at 73.47 against the US dollar as a rout in global bond markets weighed on investor sentiments.
image for illustrative purpose
Mumbai: The Indian rupee on Friday posted its biggest single-day fall in nearly 19 months, tumbling 104 paise to close at 73.47 against the US dollar as a rout in global bond markets weighed on investor sentiments.
At the interbank forex market, the local unit opened at 72.43 against the greenback, then lost further ground to touch an intra-day low of 73.51. It finally ended at 73.47 against the American currency, registering a massive fall of 104 paise over its previous close – the biggest single-day fall for the rupee since August 5, 2019. On Thursday, the rupee had settled at 72.43 against the American currency.
On a weekly basis, the rupee has tumbled 82 paise against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.43 per cent to 90.52. "US bond yields have surged on worries about inflationary pressures due to unprecedented liquidity infusion in the system," Sugandha Sachdeva, VP-Metals, Energy & Currency Research, Religare Broking, said.
