Delhi, 27 October (H.S.): The Indian Rupee significantly weakened against the US dollar on Monday, closing 38 paise lower at a provisional 88.24, driven primarily by strong pressure from import bills. The currency's decline occurred despite a weaker US Dollar Index and continued selling by foreign investors in the domestic stock market.

The rupee began the trading day with a marginal dip, opening at 87.87 in the interbank foreign exchange market, just one paisa down from the previous session's close of 87.86. However, negative sentiment in the currency market intensified throughout the day due to concerns over potential hikes in crude oil prices and sustained demand for dollars to cover import costs. This pressure pushed the rupee to an intraday low of 88.31 against the greenback.

A late-session dip in international crude oil prices provided some relief, allowing the rupee to recover slightly before the market closed.The Indian currency also lost ground against other major global currencies. It weakened by 73.30 paise against the British Pound to close at a provisional 117.76. Similarly, the rupee fell by 68.38 paise against the Euro, ending the day at a provisional 102.69.

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Hindusthan Samachar / Jun Sarkar