Rupee Hits Record Low of 92 Against Dollar, Gold and Silver Touch All-Time Highs

The Indian rupee slipped to 92.00 against the US dollar in early trade on Thursday, marking its third record low in less than a week. On Wednesday, the currency had depreciated by 31 paise to close at 91.99.

On Tuesday, the rupee had briefly recovered from its lifetime low, gaining 22 paise to settle at 91.68 against the dollar.

Gold, Silver Surge

Meanwhile, gold and silver futures jumped nearly six per cent to record highs in early trade on Thursday.

Domestic gold futures surged to an all-time high of ₹1,75,869 per 10 grams, while silver futures climbed to a record ₹4,07,456 per kg, according to a Reuters report.

Trade Deal Boosts Sentiment

The rupee had earlier opened higher as the US dollar index softened and investor sentiment improved following a major trade breakthrough with Europe, PTI reported, citing analysts.

On Tuesday, India and the European Union signed their long-awaited free trade agreement (FTA), which is expected to boost several domestic sectors, including apparel, chemicals and footwear, by granting them duty-free access to the 27-nation bloc.

Under the agreement, the EU will receive concessional duty access to the Indian market for products such as cars and wines.

The deal has been dubbed the “mother of all deals” and is expected to create a combined market of nearly two billion people.