The Indian rupee weakened to an all-time low of 92.00 against the US dollar in early trade on Thursday, marking the third record low in less than a week, amid continued volatility in global currency markets.
On Wednesday, the rupee had already depreciated by 31 paise, closing at 91.99 against the US dollar. Earlier in the week, it had briefly recovered from record levels, gaining 22 paise to settle at 91.68 on Tuesday.
Precious Metals Surge Amid Currency Weakness
Meanwhile, gold and silver futures surged sharply, touching record highs in early trade.
According to a Reuters report, domestic gold futures jumped nearly six per cent to a new high of ₹1,75,869 per 10 grams, while silver futures climbed six per cent to an all-time peak of ₹4,07,456 per kg.
Dollar Index Softens, FTA Boosts Sentiment
Market participants noted that the rupee opened slightly higher earlier as the US dollar index softened, while improved investor sentiment followed a long-awaited trade breakthrough with Europe.
According to PTI, analysts said optimism was driven by the signing of the India–European Union Free Trade Agreement (FTA), announced on Tuesday. Under the agreement, several domestic sectors—including apparel, chemicals, and footwear—will gain duty-free access to the 27-nation European bloc.
EU to Gain Market Access
Officials said the EU will receive concessional duty access to the Indian market for products such as cars and wines. The agreement has been described by policymakers as the “mother of all deals”, creating a combined market of nearly two billion people and strengthening long-term trade ties.
