<p>Mumbai: The rupee recorded its steepest single-day fall in past six months, sinking 53 paise to hit a new all-time intraday low of 85.80 against the US dollar during mid session on Friday as the unabated rise in the American bond yields boosted the greenback's appeal.</p><p>Positive domestic equity markets failed to resist foreign investors' selling spree as lower valuation of equities in other Asian peers turned more attractive. This resulted into a mass exit of foreign institutional investors from Indian equities, weighing down the rupee, according to analysts.</p><p>Besides, the rising crude oil prices pushed the rupee down further, they said.</p><p>At the interbank foreign exchange, the rupee opened weak at 85.31 and plunged to the lowest-ever level of 85.80 during mid session, recording its steepest single-day fall since March 22 this year when the unit settled 48 paise lower. Later in the day, the rupee traded with a loss of 42 paise at 85.69.</p>.Sensex, Nifty settle almost flat in highly volatile trade; metal, power stocks drag.<p>The earlier sharpest single-day fall of 68 paise was recorded on February 2, 2023.</p><p>The rupee plunged 12 paise to 85.27 against the dollar on Thursday, after declining 13 paise in the previous two sessions.</p><p>"The central bank holds $21 billion in short-side forward contracts set to mature in December and January. Market speculation suggests that the RBI has refrained from rolling over these maturing forwards, leading to a scarcity of dollars and an oversupply of rupees. Moreover, dollar liquidity in the market remains very low, amplifying the upward momentum in the pair. This imbalance has propelled the USD-INR pair towards 85.8075 levels," said Amit Pabari, MD of CR Forex Advisors.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.08 per cent at 107.98 amid soaring US Treasury yields with 10-year bond hovering around 4.50 per cent.</p><p>Brent crude, the global oil benchmark, rose 0.07 per cent to $73.31 per barrel in futures trade.</p><p>On the domestic equity market front, the 30-share benchmark index Sensex was trading higher by 319.93 points, or 0.41 per cent at 78,792.41 points. The Nifty was up 89.60 points, or 0.38 per cent, at 23,839.80 points.</p><p>Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 2,376.67 crore, according to exchange data.</p>
<p>Mumbai: The rupee recorded its steepest single-day fall in past six months, sinking 53 paise to hit a new all-time intraday low of 85.80 against the US dollar during mid session on Friday as the unabated rise in the American bond yields boosted the greenback's appeal.</p><p>Positive domestic equity markets failed to resist foreign investors' selling spree as lower valuation of equities in other Asian peers turned more attractive. This resulted into a mass exit of foreign institutional investors from Indian equities, weighing down the rupee, according to analysts.</p><p>Besides, the rising crude oil prices pushed the rupee down further, they said.</p><p>At the interbank foreign exchange, the rupee opened weak at 85.31 and plunged to the lowest-ever level of 85.80 during mid session, recording its steepest single-day fall since March 22 this year when the unit settled 48 paise lower. Later in the day, the rupee traded with a loss of 42 paise at 85.69.</p>.Sensex, Nifty settle almost flat in highly volatile trade; metal, power stocks drag.<p>The earlier sharpest single-day fall of 68 paise was recorded on February 2, 2023.</p><p>The rupee plunged 12 paise to 85.27 against the dollar on Thursday, after declining 13 paise in the previous two sessions.</p><p>"The central bank holds $21 billion in short-side forward contracts set to mature in December and January. Market speculation suggests that the RBI has refrained from rolling over these maturing forwards, leading to a scarcity of dollars and an oversupply of rupees. Moreover, dollar liquidity in the market remains very low, amplifying the upward momentum in the pair. This imbalance has propelled the USD-INR pair towards 85.8075 levels," said Amit Pabari, MD of CR Forex Advisors.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.08 per cent at 107.98 amid soaring US Treasury yields with 10-year bond hovering around 4.50 per cent.</p><p>Brent crude, the global oil benchmark, rose 0.07 per cent to $73.31 per barrel in futures trade.</p><p>On the domestic equity market front, the 30-share benchmark index Sensex was trading higher by 319.93 points, or 0.41 per cent at 78,792.41 points. The Nifty was up 89.60 points, or 0.38 per cent, at 23,839.80 points.</p><p>Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 2,376.67 crore, according to exchange data.</p>