Rupee Ends At Record Closing Low Against US Dollar

The Indian rupee closed 12 paise lower at an all-time low against the US dollar on Thursday.

The local currency closed at 87.58 against the greenback. During the day, it fell to 87.59. The rupee had closed at 87.46 on Wednesday, according to Bloomberg data.

The US Dollar Index stood at 107.9750, up 0.37%, while the Brent crude oil was at $75.16, up 0.78%.

"The US dollar slumped to an eight-week low against the yen at 152.02, while it remained range bound against other majors. Sterling was at one-month high against the dollar at 1.2507," Anil Kumar Bhansali, executive director of Finrex Treasury Advisors LLP.

"The Euro was more in a small range at 1.0403, though it has risen from a low of 1.0228 when Trump slammed 10% tariffs against China. The dollar index in itself was at 107.55, while US 10-year yields fell to a low of 4.4150%," he said.

The US ISM Services PMI disappointed, signalling weaker-than-expected service sector growth and moderating price pressures. Traders priced in a 25 bps interest rate cut by the BoE, according to Kunal Sodhani from FX Hub.