Rupee depreciates 5 paise to hit all-time low of 85.16 against US dollar

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Rupee depreciates 5 paise to hit all-time low of 85.16 against US dollar - Business Standard

Quick Summary:

Forex traders said higher dollar demand as well as an upward momentum in crude oil prices due to volatile geopolitical situation pushed the local unit further downward even as a positive domestic equity market provided some cushion.

The rupee fell 5 paise to hit a new all-time low of 85.16 against the US dollar in early trade on Tuesday, amid strengthening American currency and sustained outflow of foreign capital.

At the interbank foreign exchange, the rupee opened at 85.10 and slid further to hit a fresh all-time low of 85.16 against the greenback, registering a loss of 5 paise from its previous closing level.