Rupee hits all-time low; foreign exchange reserves below $600 billion

Double-digit BoP deficit seen in FY23, says Standard Chartered

Rupee slipped to 76.97/$ during intra-day deals on Friday, hitting its all-time low before rebounding following a possible intervention by the Reserve Bank of India (RBI). The country’s foreign exchange reserves, too, dropped to $598 billion for the week ended April 29, down from its all-time high of $642 billion in the week ended September 3, 2021, latest RBI data showed.

The rupee ended the day at 76.93/$, dropping 67 paisa or 0.87 per cent from its previous close. The rupee opened weaker on Friday, at 76.64/$ as compared to previous close of 76.26, in the wake of sharp fall