Rupee opens at record low as market sell off deepens

The Indian rupee opened at a record low today amid deepening stock market selloff on the Dalal Street. The Indian currency opened 10 paise lower at 91.08 to the  US dollar against the previous close of 90.98.  Later, rupee fell 19 paise to 91.26. 

The pressure on the currency can be attributed to tariff pressures from Washington, which continue to affect India's trade prospects and capital inflows. 

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "The currency remains range-bound with participants awaiting fresh triggers from the Union Budget due on 1Feb26, while the US Fed’s policy decision later this month is expected to add volatility. The rupee is likely to trade between 90.45 and 91.45 in the near term."

The domestic currency fell for the fifth consecutive session today. On Monday, the rupee breached the 91 mark for the second time as global cues weighed on the currency's performance. The currency fell to a fresh low of Rs 91.05, falling 20 paise against the previous close.    

Trivedi attributed the fall in rupee to geopolitical tensions among NATO members and uncertainty around US interests in Greenland, driven by its rare-earth resources, which kept market sentiment cautious. 

Meanwhile, Sensex fell 127 pts to 82,059 and Nifty was down 18 points to 25,214 in early deals.