In the previous session on Wednesday (March 18), the rupee fell sharply by 49 paise to close at an all-time low of 92.89 against the US dollar, pressured by a stronger dollar and continued foreign institutional investor (FII) outflows.
At the interbank foreign exchange market, the local unit opened at 92.42 and moved in a range of 92.41 to 92.89 before settling at its weakest closing level on record. On Tuesday (March 17), the rupee had touched an intra-day low of 92.47 and ended at 92.40, which was then its lowest closing level.Market participants attributed the pressure on the currency to elevated global crude oil prices linked to the ongoing tensions in West Asia, which weighed on sentiment.
The dollar index, which measures the US currency against a basket of six peers, was marginally higher at 99.62. Brent crude futures traded around $103.4 per barrel.
Foreign institutional investors remained net sellers in the equity market, offloading shares worth ₹2,714.35 crore, according to exchange data.
-With agencies inputs
