Rupee vs Dollar: Domestic Currency hits record low against US Dollar in afternoon trade

Rupee Vs Dollar: On Thursday, November 21, the Indian rupee hit a record low against the US dollar in the second half of trading. The domestic currency opened at 84.42 against the US dollar and later plunged to a record low of 84.46 per dollar, marking a significant decline.

Amid volatile crude oil prices and lackluster sentiment in the domestic equity markets, the rupee initially stabilised at 84.42 against the US dollar in early trading.

According to the forex traders, as per the PTI report, a weaker American currency supported the local unit, but it was weighed down by the relentless outflow of foreign funds. 
 
In the interbank foreign exchange market, the rupee opened at 84.41 and further dropped to 84.42 against the US dollar, holding steady at its previous closing level during early transactions.

On Tuesday, the rupee ended flat at 84.42 against the dollar. The forex market was closed on Wednesday due to the assembly elections in Maharashtra.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, was down by 0.11% at 106.49, according to a PTI report.

Brent crude, the global oil benchmark, gained 0.22 per cent to reach USD 72.97 per barrel in futures trading.

On the domestic equity front, the Sensex dropped by 398.45 points, or 0.51 per cent, to 77,179.93 points, while the Nifty lost 136.10 points, or 0.58 per cent, settling at 23,382.40 points.

With PTI Inputs