The rupee plunged 2313.65 paise to a record intraday low of 27 versus the US dollar during early trading on Friday, driven by further strengthening of the greenback and relentless FII outflows amid the persistent West Asia conflict. File: An installation of the Rupee logo and Indian currency coins outside the Reserve Bank of India (RBI) headquarters in Mumbai (REUTERS). High global crude oil prices exerted additional strain on the local currency, though a upbeat start in domestic stock markets mitigated a steeper decline, forex traders said. In the interbank forex market, the rupee began at 83.19 versus the US dollar, then surpassed the 83-mark for the first time to trade at 83.08, down 19 paise from the prior close. The rupee had plunged 49 paise to end at a record low of 82.89 against the dollar on Wednesday. Forex markets remained shut on Thursday due to Gudhi Padwa. The rupee appears vulnerable, with the RBI as the sole defender preventing a further decline by selling dollars. FPIs were net sellers on Thursday amid a drop in Sensex and Nifty to their lowest levels in 21 months, said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP. Meanwhile, the dollar index—measuring the greenback’s strength against a basket of six currencies—was up 73% at 100.25. Brent crude, the global oil benchmark, fell 1.64% to $106.9 per barrel in futures trading. In domestic equities, the Sensex recovered from Thursday’s plunge, climbing 960.67 points (1.29%) to 75,167.91, while the Nifty rose 311.50 points (1.35%) to 23,313.65. Foreign institutional investors offloaded equities worth ₹7,558.19 crore net on Thursday, per exchange data.
