The rupee has emerged as Asia’s worst-performing currency this year, having declined by over six percent so far. High crude oil prices, a strong US dollar, and growing concerns regarding the crisis in West Asia are the primary reasons for this.
रुपया का गिरना बरक़रार, एशिया की सबसे कमजोर प्रदर्शन करने वाली मुद्रा बना, अब तक के सबसे निचले स्तर 95.86 प्रति डॉलर पर पहुंचा
The rupee depreciated by 20 paise in early trade on Thursday, hitting an all-time low of 95.86 against the US dollar. The domestic currency is under pressure due to high crude oil prices and concerns surrounding the crisis in West Asia.
Rupee: Asia’s Worst-Performing Currency
The rupee has emerged as Asia’s worst-performing currency this year, having declined by over 6 percent so far. Elevated crude oil prices, a strengthening US dollar, and growing concerns regarding the West Asia crisis are the primary reasons behind this trend.
Will the Rupee Hit a Century?
In the interbank foreign exchange market, the rupee opened at 95.74 against the dollar. It subsequently slipped to 95.86 per dollar, marking a decline of 20 paise from its previous closing level.
On Wednesday, after touching a record low of 95.80 against the US dollar, the rupee had closed at 95.66 per dollar.
Meanwhile, the Dollar Index—which gauges the US dollar’s strength against a basket of six major currencies—declined by 0.04 percent to stand at 98.48.
Stock Market Update
In the domestic equity markets, the Sensex rose by 424.44 points to reach 75,033.42 in early trade, while the Nifty climbed 141.90 points to hit 23,554.50.
The price of Brent crude—the international benchmark—rose by 0.44 percent to reach $106.10 per barrel.
According to stock market data, Foreign Institutional Investors (FIIs) were net sellers on Wednesday, offloading shares worth ₹4,703.15 crore.
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