Rupee Hits Record Low Of 79.11 Against U.S. Dollar In Early Trade Today
At the interbank foreign exchange, the rupee opened at 78.99 against the dollar, then lost ground to quote at 79.11 -- an all-time low.
The rupee fell to a record low against the U.S. dollar in early trade Friday, as persistent foreign fund outflows weighed on investor sentiments.
At the interbank foreign exchange, the rupee opened at 78.99 against the American dollar, then lost ground to quote at 79.11 -- an all-time low. The rupee-dollar exchange rate stood at 79.06 on Thursday.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21% higher at 104.90. Brent futures rose 0.05% to $109.09 per barrel.
According to Finrex Treasury Advisors' Anil Kumar Bhansali, rupee opened lower as there are no signs of fund flows or strength in Asian currencies, crude oil prices coming down or a pause in interest rate hikes.
"All these are a nemesis for the rupee and RBI is the only one supporting it and keeping it in a small range. Suddenly, one day, we may see the next spike."