The free fall of the rupee is continuing, racing towards an all-time record low of Rs.82 against the dollar and that the falling rupee would make pharma imports costlier as importers have to shell out more rupees per dollar.
This morning, the Rupee opened 25 paise lower from the previous session to touch a record low of 81.09 versus the US dollar, against Thursday's close of 80.86. Yesterday's depreciation was the biggest single-day fall for the rupee since February 24.
Forex traders said the strength of the American currency in the overseas market and a muted trend in domestic equities weighed on the local unit. Moreover, risk-off moods and firm crude oil prices weighed on the local unit.
Goyal and Saudi Minister for Energy Prince Abdulaziz bin Salman Al-Saud co-chaired the ministerial meeting of the Committee on Economy and Investments of the council.
At the interbank foreign exchange market, the rupee opened at 79.80 against the greenback, then fell to 79.82, registering a decline of 11 paise over its last close.
At the interbank foreign exchange market, the rupee opened at 79.66 against the greenback, then fell to 79.67, registering a decline of 10 paise over its last close. In initial deals, the local unit also touched 79.64 against the dollar.
At the interbank foreign exchange market, the rupee opened at 79.63 against the greenback, then fell further to 79.70, registering a decline of 14 paise over its last close.
At the interbank foreign exchange market, the rupee opened at 79.55 against the greenback, then fell further to 79.66, registering a decline of 14 paise over its last close.
