Rupee Hits All-Time Low Amid Stock Market Rally, Dollar Rate Touches 90.56

New Delhi: Despite a rally in the stock market, the Indian rupee weakened further on Friday, hitting a new all-time low of 90.56 against the US dollar in early trade. On Thursday, the rupee had fallen 38 paise to close at 90.32, marking its previous record low.

The decline comes amid uncertainty over the India-US trade deal and continued foreign fund outflows, which have weighed on investor sentiment. Forex analysts noted that surging global precious metal prices and aggressive dollar purchases by importers are adding pressure on the rupee.

Market Opening and Dollar Index
The rupee opened at 90.43 in the interbank foreign exchange market and later slid to 90.56, a 24-paise drop from Thursday’s close. Meanwhile, the Dollar Index, which measures the strength of the US dollar against six major currencies, edged up 0.02% to 98.37.

Year-to-Date Performance
The rupee has depreciated over 5% this year, making it one of the worst-performing major currencies after the Turkish Lira and Argentine Peso. Despite the currency weakness, the stock market continued its upward trend for the second consecutive day.

• BSE Sensex: Up 288.69 points (0.34%) at 85,106.82 points, with early gains exceeding 400 points.
• NSE Nifty50: Up 77.75 points (0.3%) at 25,976.30 points.

Gold and Silver Prices
Precious metals also saw a decline in early trade:

• Gold (MCX February delivery): Fell about ₹200, opening at ₹1,32,442 per 10 grams. Intra-day, it ranged between ₹1,32,776 (high) and ₹1,32,275 (low). By 10:15 AM, it was trading at ₹1,32,276.
• Silver (MCX March delivery): Opened at ₹1,96,958 per kg, down from ₹1,98,942 on Thursday. Early trading saw a high of ₹1,98,444 and a low of ₹1,96,957, with the price at ₹1,97,647 per kg at 10:17 AM, a drop of ₹1,295.

The rupee’s depreciation, coupled with volatility in precious metals, reflects ongoing global and domestic pressures, even as equity markets continue to show resilience.