The rupee fell by 17 paise to close at a two-month low of 83.61 against the US dollar on Thursday, driven by surging crude oil prices amid renewed geopolitical tensions in the Middle East.
Rupee weakness continued despite domestic equity markets reaching new peaks. During the day, the currency hit an all-time low of 83.68 against the dollar before recovering marginally.
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As per PTI, forex traders noted that the inflow of foreign capital and positive momentum in domestic equity markets were insufficient to support the rupee, which remained under pressure from a strong US dollar against major global currencies.
On Wednesday, the rupee settled 1 paisa lower at 83.44 against the US dollar.
Earlier, the domestic currency closed at 83.61 against dollar on April 16 this year.