The Indian rupee hit a fresh low of Rs 95.8 against US dollar on Wednesday, May 13 after the Indian government hiked import duty on gold, silver and platinum amid uncertainties over US and Iran tensions.
Rupee opened at Rs 95.52 against the US dollar, recording a gain of 16 paise from its previous all-time closing low, PTI reported citing interbank foreign exchange market.
The Indian currency hit record low of Rs 95.74 against US dollar in early trade on Tuesday, May 12.
Speaking on the outlook for rupee, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Weakness in secondary markets and continued FII outflows have added to pressure on the rupee, with investors turning defensive amid global uncertainty and rising oil prices. In the near term, rupee is expected to trade within a range of 95.25–96.00, with volatility likely to remain elevated."
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