The Indian Rupee Slips Below 90-mark Against US Dollar
Mumbai, Jan 2: The Indian rupee fell below the 90-mark on Friday, closing the day 22 paise lower at 90.20 against the US dollar. This decline was attributed to disappointing macroeconomic data and the strengthening of the American currency in global markets.
Forex traders noted that continuous foreign fund outflows and increased dollar demand from importers contributed to the negative investor sentiment.
Despite these challenges, the rupee found some support from lower crude oil prices and a rise in domestic equities. Analysts mentioned that intervention by the RBI could help stabilize the rupee at lower levels.
During the trading session, the Indian currency opened at 89.95 against the dollar, reaching an intraday low of 90.25 and a high of 89.92.
