Rupee slips to all-time low of 83.80 against US dollar in early trade

Over the past week, major global equities experienced a significant sell-off.

The release of last week’s US Jobs Report, which fell significantly below expectations, sparked recession fears in the market, increasing demand for safe-haven assets.

Additionally, the upcoming US elections in November are likely to keep investors on edge.

Meanwhile, tensions are escalating in the Middle East following the assassination of Hamas leader Ismail Haniyeh in Tehran.

The Indian rupee has remained largely south of the 83.70 level despite the weakening of the US dollar.

Additionally, oil prices saw an 11 per cent correction.

“However, despite these favourable conditions, the rupee has not appreciated, likely due to the Reserve Bank of India capping its movement.

In the short term, the Rupee is expected to trade within the range of 83.75 to 83.90,” CR Forex Advisors MD Amit Pabari said.