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Indian Rupee Plunges to Two-Month Low As Dollar Demand Mounts

Published on Aug 04, 2023 16:54

The Indian rupee plunged against the US dollar on Friday weighed down by safe-haven dollar demand and higher international crude oil prices. The domestic currency fell by 8 paise to settle at a more than two-month low of 82.82 (provisional) per dollar. At the interbank foreign exchange, the domestic unit opened at 82.73 against the dollar and dropped to a low of 82.85 and finally ended the day at 82.82 (provisional), registering a fall of 8 paise from its previous close. The dollar index rebounded after a brief retreat earlier in the day although the index stayed firmly above 102 mark ahead of the crucial non-farm payrolls data due later today. Notable gains in the domestic equities also failed to support the local unit. The benchmark S&P BSE Sensex jumped 480.57 points, or 0.74 percent, to 65,721.25, snapping a three-day losing streak. Meanwhile, on the NSE, USDINR futures added 0.12% to settle for the day at 82.89.

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