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Business News/ Markets / Stock Markets/  Rupee depreciates 6 paise to settle at all-time low of 83.34 against the US dollar
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Rupee depreciates 6 paise to settle at all-time low of 83.34 against the US dollar

The dollar index, which gauges the greenback's strength against a basket of six currencies, held just shy of 106 handle while the 10-year US Treasury yield last quoted at 4.64%, well above the week's low of 4.48%.

Rupee hit a lifetime low of 83.42 to the dollar during the session. For the week, the local unit declined 0.2%. (Image: Bloomberg)Premium
Rupee hit a lifetime low of 83.42 to the dollar during the session. For the week, the local unit declined 0.2%. (Image: Bloomberg)

The Indian rupee depreciated 6 paise to end at a record low against the US dollar on Friday as a rebound in US Treasury yields weighed on Asian currencies. The local currency ended at a low of 83.34 a dollar as against its previous close of 83.28.

The dollar index, which gauges the greenback's strength against a basket of six currencies, held just shy of 106 handle while the 10-year US Treasury yield last quoted at 4.64%, well above the week's low of 4.48%.

During the session, the rupee hit a lifetime low of 83.42 to the dollar. For the week, the local unit declined 0.2%.

On Thursday, the rupee closed 1 paise lower at 83.28 against the American currency.

Foreign capital outflows and a rise in crude oil prices also weighed on the local unit, analysts said.

“While the rupee has broken its long-enduring support of 83.30, a clearer picture will only emerge closer to Wednesday or Thursday," said Abhilash Koikkara, head of forex and rates at Nuvama Professional Clients Group.

If the rupee sustains around 83.40 levels next week, it may settle into a weaker range, Koikarra added.

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However, traders said the rupee is unlikely to see sharp declines as the central bank is expected to step in intermittently to curtail the fall.

Crude oil prices traded higher, weighing on the local currency.

Brent crude rose 0.81% to $80.66 a barrel, while US West Texas Intermediate crude gained 0.83% to $76.37 a barrel.

On the domestic front, fag-end buying led Indian stock market indices to end marginally higher on Friday despite weak global cues as concerns over interest rate hikes persisted after US Federal Reserve Chairman Jerome Powell's hawkish comments.

The Sensex closed 72.48 points, or 0.11%, higher at 64,904.68, while the Nifty 50 rose 30.05 points, or 0.15%, to settle at 19,425.35.

According to exchange data, Foreign Institutional Investors (FIIs) were net sellers in the capital market on Thursday as they offloaded shares worth 1,712.33 crore.

(With inputs from Reuters)

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 10 Nov 2023, 10:51 AM IST
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