The rupee on Thursday weakened by 24 paise to hit another low of 74.45 against the US dollar on strong demand for the American currency from importers in the midst of unabated outside store surges and sharp losses in the domestic equity market.
Indian Rupee Hits All-time Low of Rs 74.45 against US Dollar
At the Interbank Foreign Exchange (forex) market, the domestic currency opened powerless at 74.37 and slipped further to cite at an unsurpassed low of 74.45, deteriorating 24 paise against the US dollar in the early trade.
Forex dealers said other than strong demand for the American currency from shippers, worries of fears of rising financial shortage and capital surges weighed on the domestic currency.
On Wednesday, the rupee snapped its six-session losing streak to end 18 paise higher at 74.21 against the US dollar after the American money weakened overseas.
Foreign institutional investors (FIIs) sold offers total assets a net of Rs 1,096 crore Wednesday, temporary information appeared. Investors stayed worried over maintained outside capital outflows. In the meantime, the BSE benchmark Sensex smashed almost 1,000 points to exchange beneath the 34,000-check in opening trade.
Estimation had got a lift after the State Bank of India (SBI), acting the hero of desperate NBFCs, chose to purchase their advantages for the tune of Rs 45,000 crore, a move that will give liquidity support to non-banking financing companies (NBFCs) confronting headwinds after a progression of credit defaults by IL&FS group firms.