Rupee falls 35 paise to 83.48 against dollar

Mumbai: The rupee declined 35 paise to settle at an all-time low of 83.48 against the US dollar on Friday, tracking a surging greenback against major crosses in the overseas markets and weak Asian peers.

Forex traders said foreign fund outflows also weighed on the local unit.

At the interbank foreign exchange market, the local unit opened weak at 83.28 against the greenback, and finally settled at a record low of 83.48, registering a fall of 35 paise from the previous close of 83.13. In intraday trade, the rupee touched a low of 83.52 against the American currency.

According to Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, the US dollar strengthened on weak euro and pound.

Euro declined as the Swiss National Bank (SNB) surprised the markets by cutting interest rates by 25 bps to 1.5 per cent, which raised the odds of a rate cut by the European Central Bank (ECB) in June 2024.

The pound also fell after the Bank of England kept interest rates unchanged at 5.25 per cent. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.31 per cent higher at 104.32 on Friday.