The Indian rupee extended its declining trend for the third consecutive day, finishing five paise lower at 88.75 (provisional) against the US dollar on Monday, remaining near its lifetime low level. The decline occurred in spite of positive domestic equity markets as a result of continued strength in the greenback and sustained outflows from foreign funds.
The rupee was quoted on the interbank foreign exchange market at the opening price of 88.73 and fell to an intraday low of 88.80 before closing at 88.75. The rupee had closed at 88.70 on Friday, having recently suffered a severe decline of 47 paise on Thursday, stemming from hawkish commentary from US Federal Reserve Chair Jerome Powell, despite the Fed cutting interest rates 25 basis points.
The rupee’s record closing low remains at 88.81, recorded on October 14. Meanwhile, the dollar index advanced 0.13% to 99.75, indicating strength in the dollar globally. Meanwhile, there was little change in the price of Brent crude, holding at USD 64.76 a barrel.
In other news on the equity side, the Sensex gained 39.78 points to 83,978.49, and the Nifty advanced 41.25 points to 25,763.35, despite seeing offloading of shares from foreign investors worth Rs 6,769.34 crore.
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