New Delhi, July 24, 2024.
he rupee depreciated 1 paisa to revisit its all-time closing low of 83.70 (provisional) against the US dollar on Wednesday, weighed down by a strong dollar against major crosses overseas amid investors’ weak appetite for riskier assets.
Forex traders said the increase in capital gains tax and removal of indexation benefits announced in the FY25 Budget on Tuesday was the main reason for dollar buying as foreign investors sold stocks.
At the interbank foreign exchange market, the local unit opened at 83.69 and touched an intra-day high of 83.68 and a low of 83.72 against the dollar during the session.