Rupee Slumps To All-Time Low: Amid the escalating geopolitical tension in the Middle East, the Indian Currency-- Rupee--plummeted 60 paise to a fresh intra-day low of 93.49 against the US dollar on March 20. The further strengthening of the greenback and continued FII outflows amid the ongoing West Asia conflict are weighing on the persistent downward trend in the currency. Additionally, according to trades, even a positive sentiment in the domestic equity market volatility failed to lift the currency as the volatility in global crude oil prices put pressure on it.
A speculation of crude oil prices may past $150 per barrel, also weighing the selling momentum.
At the interbank forex, the local currency opened at 92.92 against the dollar and soon crossed the 93 mark for the first time. The local currency continued to lose its grip and was trading at 93.49, down 60 paise from its previous close. The rupee had fallen 49 paise on Wednesday to hit a record low of US$92.89.
The Gudi Padwa account was closed on Thursday.
Dollar Index And Crude Price
The dollar index, which measures the greenback's strength against a basket of six currencies, was trading up 0.17 per cent at 99.40. Brent crude, the global benchmark, fell 0.79 per cent to $107.8 per barrel.
In the domestic equity market, the Sensex rose 442.88 points, or 0.60 per cent, to 74,650.12, while the Nifty rose 146.65 points, or 0.64 per cent, to 23,148.80.
Foreign institutional investors sold equities worth Rs 7,558.19 crore on a net basis on Thursday, according to exchange data.
(With Inputs from PTI)