Rupee Crosses 78 Per US Dollar For The 1st Time Ever, Hits Record Low
Mumbai: Amid a strengthening dollar and rising global oil prices, the Rupee crossed the 78-mark against the US dollar for the first time on Monday.
It opened 30 paise lower at 78.14 per US dollar on Monday as against closing at its weakest level of 77.93 in Friday’s session
Forex traders said weak Asian currencies, a weak trend in domestic equities and persistent foreign capital outflow weighed on investor sentiments.
At the interbank forex, the rupee opened at 78.20 against the US dollar, then lost ground to bid at 78.29 – its record low, registering a fall of 36 paise from the previous close.
On Friday, the rupee had lost 19 paise to close at a new life level of 77.93 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.30 per cent higher at 104.45.
On the domestic equity market front, the 30-share Sensex was trading 1,461.54 points or 2.69 per cent lower at 52,841.90, while the broader NSE Nifty was trading 418.95 points or 2.59 per cent lower at 15,782.85.
Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 3,973.95 crore, as per stock exchange data.
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