At the interbank foreign exchange, the rupee opened at 83.34 against the dollar and touched an early low of 83.39 against the greenback, registering a decline of 6 paise over its previous close. On Wednesday, the rupee consolidated in a narrow range and settled 2 paise lower at 83.33 against the US dollar. INR vs USD: Indian Rupee Falls 6 Paise to 83.39 Against US Dollar in Early Trade.
The rupee depreciated 7 paise to 83.38 against the US dollar in early trade on Friday, weighed down by a negative trend in domestic equities and elevated crude oil prices. INR vs USD: Indian Rupee Depreciates 7 Paise to 83.38 Against US Dollar in Early Trade.
The rupee is "expectedly coping" much better with the dollar index s move higher, "and the reason is pretty straightforward", a vice president of forex sales at a bank said.
Indian rupee this year ends at a low of over 10%, the worst since 2013, becoming one of Asia's worst-performing currencies. The year 2022, marked a slow growth for world economies.
Performing as one of Asia's worst currencies, the Indian rupee ends this year with a fall of 10.14 per cent, making it the biggest annual decline since the year 2013. Many factors contributed to the decline such as tight monetary policies, oil prices sparked by the Russia-Ukriane conflict and more, Reuters reported.
Indian Rupee (INR) has come under renewed pressure against dollar and once again depreciated to a record low of 83.075 against US dollar touching another lifetime low on Thursday. Economists believe that INR will remain under pressure and may see 85 level in short-term period. INR vs USD: Economists Believe Indian Rupee Will Remain Under Pressure, May Fall to 85 Level Against US Dollar.