The rupee on Friday hit a fresh closing low after depreciating 0.3 per cent against the dollar due to importers' demand for the greenback and tracking Asian peers even as the country's foreign exchange reserves hit an all-time high.
The Indian currency settled at ₹83.43 as compared to ₹83.16 on Thursday. The previous record closing low was on December 13 last year, when the rupee ended at 83.40.
Market participants said the Reserve Bank of India (RBI) did not intervene in the foreign exchange market, which led to the sharp depreciation in the local currency towards the end of the trading hours.
"There were three factors. The first was the weakness in the yuan. Then there was a bit of dollar shortage, which was brewing for the past one week. But the main factor was that the RBI was not there in the market," said Anindya Banerjee, vice-president, currency derivatives and interest rate derivatives, Kotak Securities.
この記事は Business Standard の March 23, 2024 版に掲載されています。
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この記事は Business Standard の March 23, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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