Thursday saw the Indian rupee drop to an all-time low of 83.72 (Dh22.81) against the US dollar, weighed down by the dollar’s strength in international trade and sizable outflows of foreign funds.<\/p>\n
The currency has fallen for the fourth day in a row. The rupee’s decline has been restrained by frequent interventions by the Reserve Bank of India. There is no way you can think of a breakout while we keep making fresh highs (on the dollar\/rupee),” a bank currency trader said. “The RBI is doing what it does and managing the extent of price moves.<\/p>\n
According to forex traders, the decline in the domestic unit followed a sharp decline in the Indian equity markets, which was caused by the government’s decision to raise the capital gains tax rate.<\/p>\n
The local unit traded in a limited range on the interbank foreign exchange market. It fell 1 paisa from its previous close, opening at an all-time low of 83.72 against the US dollar.<\/p>\n
The rupee fell 2 paise against the US dollar on Wednesday, closing at an all-time low of 83.71. The government’s decision to increase the capital gains tax rate lowered investor confidence and put significant pressure on the rupee and the equity market.<\/p>\n
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