rupee-falls-above-84-us-dollar
The Indian rupee closed above the 84 per US dollar mark for the first time on Friday, finishing at 84.07. The decline in the rupee occurred due to outflows from foreign institutional investors, rising oil prices, and increased demand for the US dollar from foreign banks.
How Much Did the Rupee Fall?
On Friday, the domestic currency ended at 84.07 against the US dollar, having dropped to 84.10 during the day. This marks a decline from Thursday’s closing rate of 83.98 per dollar. Analysts noted that the rupee had not fallen below 84 due to the Reserve Bank of India’s (RBI) efforts to protect that level over the past two months. Notably, on September 12, the rupee hit a record low of 83.99 against the dollar.
What Triggered the Slide?
The rupee’s decline was primarily driven by concerns over rising crude oil prices, capital outflows from foreign funds to China, and increased demand for the US dollar from foreign banks.
“Indian Rupee fell below the 84 per US dollar mark for the first time due to demand from foreign banks amid FII outflows and elevated crude oil prices. Weak domestic markets also weighed on the rupee,” stated Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.
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