By laksh5382 
The rupee fell 11 paise to its all-time low of 84.09 (provisional) against the US dollar on Friday amid weak domestic equity market and continued FII outflows.
According to Forex traders, the situation in the Middle East remains volatile and oil prices may remain high and the rupee weak in the short term.
In the interbank foreign exchange market, the rupee opened at 83.97 against the dollar, which is 1 paise higher than the previous day’s closing level. It hit the day’s high of 83.96 but fell to 84.10 before hitting its all-time low of 84.09 (provisional), 11 paise lower than its previous close.
The domestic unit had closed at 83.98 on Thursday.
“After keeping it in a range below 83.99 from August 8, 2024, the Reserve Bank of India (RBI) finally allowed the rupee to weaken beyond 84 as FPIs that have emerged as big sellers in equities increased their The country has continued to buy USD to withdraw money,” said Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors LLP.
“Now we can expect the rupee to reach 84.25 in the short term. Importers will continue to buy on every dip and exporters can now stop their exports with a stop below 83.95. News from Iran/Israel/Lebanon also does not look good Are and may keep oil strong and rupee weak,” he said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.09 percent at 102.89 points.
International benchmark Brent crude was down 0.57 per cent at US$78.95 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex fell 230.05 points to close at 81,381.36, while the Nifty fell 34.20 points to 24,964.25.
Foreign institutional investors (FIIs) were net sellers in the capital market on Thursday as they sold shares worth Rs 4,926.61 crore, according to exchange data.