The rupee slips by 1 paisa to close provisionally at a new all-time low of 78.33 against the US dollar.
On a volatile trade day, the rupee started on Friday with gains but ended at its record low, marking the third day in a row of lifetime-low close. During the day, the currency witnessed an intra-day high of 78.19 and a low of 78.35 against the American currency.
Indeed, at the interbank foreign exchange market, the local currency opened at 78.20 and finally settled at its all-time low of 78.33, down 1 paisa from its previous close.
On Thursday and Wednesday, the rupee had settled at 78.32 against the greenback, with the dollar index, which gauges the currencies’ strength against a basket of six peers, fell 0.25 per cent to 104.17.
Brent crude futures, the global oil benchmark, advanced 1.13 per cent to $111.29 per barrel after falling earlier in the session
The BSE Sensex closed 462.26 points or 0.88 percent higher at 52,727.98 on the domestic equities market, while the larger NSE Nifty advanced 142.60 points or 0.92 percent to 15,699.25.
According to stock exchange data, foreign institutional investors continued to be net sellers in the capital market on Thursday, selling shares worth Rs 2,319.06 crore.
Michael Patra, the deputy governor of the Reserve Bank of India, stated on Friday that the Indian currency has recently experienced the least amount of depreciation and that the Central Bank will not permit “jerky fluctuations” of the rupee.
“We will fight for its stability, and we are already doing so right now. We are in the marketplace. Unorderly motions are not permitted, he said.