Rupee Falls Below 94/USD for First Time Amid Rising Crude Prices and FII Outflows
Mumbai, March 23 – The Indian rupee breached the 94 per US dollar mark for the first time on Monday, falling 50 paise to a provisional 94.03 amid soaring global crude prices, continued foreign fund outflows, and a strengthening US dollar.Currency Movement
- The rupee opened at 93.84 in the interbank market and gradually weakened throughout the day.
- On Friday, the rupee had already crossed the 93/USD mark, closing at 93.53, down 64 paise.
Global and Domestic Factors
- The dollar index, measuring the US dollar against six major currencies, rose 0.14% to 99.78.
- Brent crude traded 1.11% lower at USD 113.4 per barrel in futures.
Impact on Domestic Markets
- Sensex fell 1,836.57 points (2.46%) to 72,696.39
- Nifty 50 dropped 484.30 points (2.10%) to 22,630.20
- Foreign Institutional Investors (FIIs) sold equities worth ₹5,518.39 crore on Friday
Forex Reserves
India’s foreign exchange reserves declined by USD 7.052 billion, reaching USD 709.759 billion during the week ended March 13, according to the RBI.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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