INR vs USD: The Indian rupee traded within a tight range on Thursday, with market participants citing flows from importers and exporters as the quarter-end approaches, while dollar-rupee forward premiums stayed firm near multi-month highs.
At 10:30 a.m. IST, the rupee stood at 88.6250 against the U.S. dollar, marginally stronger than Wednesday’s close of 88.69.
Earlier this week, the currency touched a record low of 88.7975 and has fallen more than 3 per cent this quarter, marking its steepest decline since the April–June 2022 quarter.
As per the data available, rupee has fallen nearly 30.6 per cent against US dollar since 2014.
“The Indian rupee has crossed the 88 level against the dollar and is trading near record lows. Unlike most major currencies that have appreciated year-to-date, the rupee has depreciated, pressured by the implementation of US secondary tariffs, the recent announcement of hike in H-1B visa fees, and sustained foreign portfolio investor (FPI) outflows,” said brokerage firm Care Edge in a note.
(This is a developing story)
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