₹ nears historic low, forex reserves below $600bn

The rupee came under pressure in the forex market and neared its historic low as global funds turned risk-averse, resulting in the dollar growing stronger. The country’s foreign exchange reserves fell below $600 billion for the first time this year. The domestic unit fell 66 paise to close at 76.92 in the interbank foreign exchange market after dipping to the day’s low of 76. 96 and almost touching the historic low of 76. 97. Dealers said trades in the non-deliverable forward markets indicated rupee may be under pressure next week.

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