Rupee hits record low of 79.11 against U.S. dollar in early trade
The Hindu
The dollar index was trading 0.21% higher at 104.90
The rupee depreciated 5 paise to a record low of 79.11 against the U.S. dollar in opening trade on Friday as persistent foreign funds outflows weighed on investor sentiments.
At the interbank foreign exchange, the rupee opened on a weak note at 78.99 against the American dollar, then lost ground to quote at 79.11 -- its all-time low level, registering a fall of 5 paise from the last close.
On Thursday, the rupee fell 3 paise to close at a fresh lifetime low of 79.06 against the U.S. dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21% higher at 104.90.
According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the rupee opened low as there are no signs of fund flows or strength in Asian currencies, Brent 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," Mr. Bhansali said.
Global oil benchmark Brent crude futures rose 0.05% to $109.09 per barrel.
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