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The rupee fell to a record low of 85.80 before recovering slightly due to central bank intervention. Increased month-end demand, foreign fund outflows, and rising crude oil prices pressured the currency.

Rupee falls 23 paise to hit fresh record low of 85.50 against US dollar

The unit finally ended the session at 85.50 (provisional) against the greenback, losing 23 paise from its previous closing level of 85.27.

The rupee fell steepest in almost two years to hit its lifetime intraday low of 85.80 before a suspected central bank intervention helped recover some of its losses and settled 23 paise lower at a record low of 85.50 (provisional) against the US dollar on Friday due to a strong greenback amid increased month-end demand from banks and importers.
According to analysts, the Reserve Bank's stance to hold on to its dollar payments in short-term forward contracts added to the shortage of greenback, with importers rushing to meet their month-end payment obligations.
Despite robust sentiment in domestic equity markets, the rupee was weighed down by sustained outflow of foreign funds and rising crude oil prices, they added.
At the interbank foreign exchange, the rupee opened weak at 85.31 and plunged 53 paise to the lowest-ever intraday level of 85.80.
The unit finally ended the session at 85.50 (provisional) against the greenback, losing 23 paise from its previous closing level of 85.27.
The rupee's earlier sharpest one-day fall of 68 paise was recorded on February 2, 2023.
The domestic unit has been hitting new lows almost every day in the past couple of weeks. It had plunged 12 paise to 85.27 against the dollar on Thursday after declining 13 paise in the previous two sessions.
"The central bank holds USD 21 billion in short-side forward contracts set to mature in December and January. Market speculation suggests that the RBI has refrained from rolling over these maturing forwards, leading to a scarcity of dollars and an oversupply of rupees.
"Moreover, dollar liquidity in the market remains very low, amplifying the upward momentum in the pair. This imbalance has propelled the USD-INR pair towards 85.8075 levels," said Amit Pabari, MD of CR Forex Advisors.
According to Anuj Choudhary &ndash; Research Analyst at Mirae Asset Sharekhan, the rupee hit a record low on dollar demand from importers towards the end of the month and outflows from foreign investors (FIIs).
"Rising US treasury yields and crude oil prices also weighed on the rupee," he said and projected the USD-INR spot price in a range of Rs 85.30 to Rs 85.85, saying traders may take cues from goods trade balance data from the US.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.04 per cent at 107.94, while the 10-year benchmark US Treasury yield rose 0.76 per cent, hitting its seven-month high level of 4.61 per cent.
Brent crude, the global oil benchmark, rose 0.15 per cent to USD 73.37 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex settled 226.59 points or 0.29 per cent higher at 78,699.07 points, while Nifty went up 63.20 points, or 0.27 per cent to close at 23,813.40 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 2,376.67 crore, according to exchange data.

The Indian rupee falls to a fresh all-time low of 85.27 against the US dollar, driven by a strong greenback, rising crude oil prices, and increased dollar demand.

Rupee Hits New Low Amid Dollar Strength and Rising Crude Prices

The rupee fell 4 paise to settle at 85.15 against the US dollar on Tuesday, a day after losing 9 paise on Monday.

The rupee stayed weak for the third straight session and fell 12 paise to settle at a fresh all-time low of 85.27 (provisional) against the US dollar on Thursday, amid a strong greenback and rising crude oil prices.
Forex traders said, increased month-end as well as year-end dollar demand from importers and fear of an aggressive import tariff by the Donald Trump administration lifted the American currency.
At the interbank foreign exchange, the rupee opened weak at 85.23 and touched the lowest-ever level of 85.28 against the greenback during intraday trade.
The unit finally ended the session at its lifetime low closing level of 85.27 (provisional) against the dollar, registering a loss of 12 paise from its previous close.
The rupee fell 4 paise to settle at 85.15 against the US dollar on Tuesday, a day after losing 9 paise on Monday.
The forex market was closed on Wednesday for Christmas.
According to Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, the rupee fell to a fresh all-time low on strong dollar and rising US treasury yields that are at the highest levels in seven months.
Also, he said the surge in crude oil prices, month-end/year-end dollar demand and FII outflows may also weigh on the rupee.
"However, any intervention by the RBI may support the rupee at lower levels. Traders may take cues from weekly unemployment claims data from the US. USD-INR spot price is expected to trade in a range of 85.10 to 85.45," Choudhary added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally lower by 0.09 per cent but remained elevated at 107.93, amid soaring US Treasury yields (4.61 per cent) and the fear of delayed interest rate cuts by the US Federal Reserve.
Brent crude, the global oil benchmark, rose 0.56 per cent to USD 73.99 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex closed almost flat at 78,472.48 points, while Nifty inched up 22.55 points, or 0.10 per cent to close at 23,750.20 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 2,454.21 crore, according to exchange data.

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