Rupee slides to all-time low of 82.30 against dollar, falls for 2nd straight session

Mumbai : The rupee depreciated further by 13 paise to hit a new life-time closing low of 82.30 against the US dollar on Friday as a firm American currency and risk-averse sentiment among investors weighed on the local unit.
Moreover, a negative trend in domestic equities and elevated crude oil prices sapped investor appetite, forex traders said.
At the interbank foreign exchange market, the local currency opened at 82.19, then fell further to 82.43. It finally settled at an all-time low of 82.30 against the American currency, registering a decline of 13 paise over its previous close.
On Thursday, the Indian currency for the first time closed below the 82 level against the greenback. It plunged 55 paise to close at a record low of 82.17 against the US currency.
In this week, the rupee depreciated 90 paise or 1.11 percent against the dollar due to rising crude oil prices and growing expectations of aggressive rate hikes by the US Fed.
“Rupee fell to fresh all-time lows as the dollar continued to strengthen against its major crosses. Rally in global crude oil prices also weighed on the overall market sentiment,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.