The rupee on Thursday fell 55 paise to its lowest level at 82.17 against the US dollar due to firming crude oil prices in the international market and a rise in the dollar index. On Thursday, the price of one US dollar rose to Rs 82.17.
The rupee closed above 82 against the dollar for the first time. In the US, the dollar strengthened on better-than-expected PMI and private jobs data for the service sector. This led to a fall in all currencies including the rupee. The rupee had closed at 81.52 on Tuesday.
Dollar demand from oil importers and rising apprehensions of a hike in interest rates also weighed on the local currency. Gaurang Somaiya, Forex Analyst, Motilal Oswal said, "Euro and pound also showed selling pressure at higher levels against the dollar along with rupee. Investors are now eyeing the details of the European Central Bank (ECB) meeting. In the international market, crude oil reached $ 95 per barrel.
Furthermore, the Reserve Bank of India (RBI) appears to have grown more careful in spending reserves, according to the report, which adds that these reasons are leading the rupee to adjust.
The dollar index, which measures the strength of the US currency against a basket of six currencies, was trading 0.14 percent lower at 112.10.
Brent crude futures slipped 0.10 percent to USD 94.33 a barrel, the global oil benchmark.
