New Delhi: On Monday, November 20, the Indian rupee reached a new closing low of 83.35 against the US dollar, despite a decline in the dollar index. According to Business Standard, the decline was due to banks reportedly purchasing dollars for oil companies and other importers.
The rupee’s previous all-time closing low against the dollar was 83.34 on November 10, with an intraday low of Rs 83.48 on the same day.
The dollar index, which measures the dollar’s strength against major currencies, dropped to 103.57 from 104.16 on Friday. The weakening of the dollar was attributed to market expectations that US interest rates may have peaked, with a focus on signs of the US Federal Reserve potentially easing monetary conditions, Business Standard reported.
In November, the Indian currency has depreciated by 0.1%, while in the current financial year (2023-24), it has depreciated by 1.4%. For the entire calendar year, it has depreciated by 0.7%.