The rupee declined on Thursday to a record intra-day low and also closed at an all-time low due to equity related outflows and importer demand even as the dollar gained strength against most Asian currencies. Intra-day, the rupee declined to a life-time low of 83.6650 per dollar and closed at a new low of 83.6525 (previous record closing low: 83.5750). Rahul Kalantri, Vice-President, Mehta Equities, said the rupee tumbled to a record low on Thursday, pressured by likely outflows and strong dollar demand from local importers. “Nevertheless, the considerable inflows into Indian equities and bond markets could strengthen the rupee in the near future. We anticipate the rupee to remain volatile this week due to fluctuations in the dollar index.

Source: The Hindu June 20, 2024 16:00 UTC