The rupee hit an all-time low on Monday, January 13, 2025 as it slid down for the second straight session as the US dollar rallied upon better-than-expected job growth in the US market.
At 10:07 am IST, the rupee fell to 86.3537 per dollar, according to figures cited in a Bloomberg report. This was a fall of 38 paise in value from the previous close.
On last Friday, the rupee had declined 18 paise to settle at 86.04 against the US dollar.
Meanwhile, the dollar index went up 0.22% to its over two-year-high of 109.72, with 10-year US bond yields also remaining high at 4.76%.
Apart from the strong dollar, other factors such as a record surge in crude oil prices, continued outflow of foreign capital, as well as a negative trend in domestic stocks have also pressured the rupee, according to a PTI report which cited forex traders.
Brent Crude was up by 1.55%, reaching $81.00 per barrel, while WTI was up 1.76%, reaching $77.92 per barrel and Natural Gas (Nymex) rose 5.99%, reaching $4.23 per Metric Million British Thermal Units (MMBtu), according to Bloomberg data. All of this is for February 2025 contracts.
Apart from all this, the Reserve Bank of India (RBI) on Friday said the country's forex reserves dropped by USD 5.693 billion to USD 634.585 billion in the week ended January 3.
All of this also took a toll on the Indian stock market, with the the benchmark BSE Sensex tumbling by 677.22 points or 0.88%, reaching 76,701.69 after opening, while the broader NSE Nifty was down by 212.90 points or 0.91%, reaching 23,218.60.
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