INR to USD today remains under pressure as the Indian rupee slipped to the 92-mark against the US dollar in early trade on Thursday, extending its recent losing streak. The domestic currency touched ₹92.00 per dollar, a fresh record low, just a day after depreciating 31 paise to close at ₹91.99 on Wednesday.
This marks the third time in less than a week that the rupee has breached its own all-time low levels against the greenback.
Rupee Volatility Continues
Earlier in the week, the rupee had shown some recovery. On Tuesday, it rebounded from record lows and strengthened by 22 paise to settle at ₹91.68 against the US dollar. However, persistent global uncertainty and capital outflows continue to weigh on the local currency.
Despite a softer US dollar index and improving global risk sentiment, the rupee failed to sustain gains in early Thursday trade.
Gold and Silver Prices Hit Fresh Records
While the rupee weakened, precious metals rallied sharply. According to a Reuters report, gold and silver futures surged nearly six per cent in early trade on Thursday, hitting new all-time highs.
- Domestic gold futures jumped to a record ₹1,75,869 per 10 grams
- Silver futures surged to an all-time high of ₹4,07,456 per kg
The sharp rise in precious metal prices comes amid increased safe-haven demand and currency volatility.
Trade Deal Boosts Investor Sentiment
Analysts noted that the rupee initially opened stronger as the US dollar index softened, while investor sentiment improved following a major trade breakthrough with Europe, PTI reported.
On Tuesday, India and the European Union signed a long-awaited Free Trade Agreement (FTA), which is expected to boost bilateral trade significantly. Under the agreement:
- Indian sectors such as apparel, chemicals and footwear will enjoy duty-free access to the 27-nation EU bloc
- The European Union will get concessional access to the Indian market for products like cars and wines
Officials described the agreement as the “mother of all deals”, creating a combined market of nearly two billion people.
