Rupee Closes Weaker Against The Dollar As FII's Continue To Sell
The Rupee closed weaker against the dollar at 85.86.
The Rupee closed weaker against the dollar at 85.86. The currency weakened by one paise after opening weaker against the greenback as well. It had hit a record low of 85.94 against the dollar during the day.
Rupee had opened four paise weaker to open at an all time low, according to Bloomberg. It closed at 85.85 on Wednesday. RBI wants to keep a tab over its fall as it was selling at 85.86 yesterday, according to Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP.
"Foreign Institutional Investors have maintained a selling stance, driven by global risk aversion and weaker domestic data," according to Amit Pabari, managing director of CR Forex Advisors.
The revision in trade deficit figures had no effect on the rupee's fall, as it continues to move to new record lows daily, Bhansali noted.
Dollar Index And Crude Oil
Brent Crude oil was at $76.14, down 0.02%.
"Brent oil prices fell to $75.85 per barrel on strong dollar and an unexpected increase in US inventories, while weak economic data from China weighed. While hawkish signal from Fed increased bets that Central Bank will cut rates at a far slower pace than in 2024, China CPI reading was a muted number, as it shrunk for a 27th consecutive month," according to Bhansali.
The US Dollar Index stood at 109.1450, up 0.05%.
