Indian rupee drops by 39 paise to new all-time low of 82.69/UDS

10 Oct 2022 , 02:25 PM

In early trade on Monday, the rupee lost 39 paise, falling to an all-time low of 82.69 versus the US dollar as high crude oil prices and investor aversion to risk hurt the local currency.

Additionally, dealers for forex indicated that a downward trend in domestic stocks and a strong dollar drained investor interest. The rupee depreciated by 39 paise over its previous level at the interbank foreign exchange, starting at 82.68 to the dollar before falling further to 82.69.

The rupee lost another 13 paise on Friday, reaching a fresh closing low of 82.30 versus the US dollar. The Reserve Bank said on Friday that India’s foreign exchange holdings decreased by USD 4.854 billion to USD 532.664 billion as of September 30.

The reserves, which have been declining as the central bank uses its funds to protect the rupee from pressures mostly brought on by global events, had decreased by more than USD 8.134 billion to USD 537.518 billion in the previous reporting week.

The dollar index, which measures the value of the dollar against a basket of six different currencies, was trading 0.02 percent higher at 112.81 at the time. Benchmark Brent crude futures for world oil decreased 0.87 % to USD 97.07 per barrel.

The 30-share BSE Sensex was down 646.25 points, or 1.11 %, at 57,545.04 while the larger NSE Nifty was down 192.10 points, or 1.11 %, to 17,122.55 on the domestic equities market front. According to exchange statistics, foreign institutional investors sold shares worth Rs2,250.77 crore on Friday, making them net sellers in the capital market.

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