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Indian rupee slips to new all-time low against UAE dirham

Foreign Institutional Investors net sellers in the capital markets as they offload shares

Published: Thu 20 Oct 2022, 9:26 AM

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The Indian rupee depreciated six paise to a record low of 83.06 against the US dollar (22.63 versus the UAE dirham) in opening trade on Thursday due to a stronger greenback overseas and unrelenting foreign fund outflows.

Besides, a sell-off in the Indian equities and risk-averse sentiments weighed on the rupee, forex traders said.

At the Indian interbank foreign exchange, the rupee opened weak at 83.05 against the dollar, then slipped further to quote 83.06, a fall of 6 paise over its previous close.

The rupee also hit a high of 83.07 in early deals.

In the previous session on Wednesday, the rupee plunged 60 paise to end at 83 against the dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.07 per cent to 113.06.

Brent crude futures, the global oil benchmark, slipped 0.17 per cent to $92.25 per barrel.

In the Indian equity market, the 30-share BSE Sensex was trading 140.09 points or 0.24 per cent lower at 58,967.10.

Similarly, the broader NSE Nifty fell 43.95 points or 0.25 per cent to 17,468.30.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs4.53 billion on Wednesday, according to exchange data.

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(with inputs from PTI)



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