Friday, June 24, 2022

Rupee falls to all-time low of 78.29 against US dollar in early trade

The rupee slipped 36 paise to its all-time low of 78.29 against the US dollar in early trade on Monday

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New Delhi: The rupee slipped 36 paise to its all-time low of 78.29 against the US dollar in early trade on Monday, tracking the strength of the American currency overseas as investors flocked to the safe-haven currency amid an overall risk-averse sentiment.

Forex traders said weak Asian currencies, a lacklustre trend in domestic equities and persistent foreign capital outflows weighed on investor sentiments.

At the interbank foreign exchange, the rupee opened at 78.20 against the American dollar, then lost ground to quote at 78.29, its record low level, registering a fall of 36 paise from the last close.

On Friday, the rupee tumbled 19 paise to close at a fresh lifetime low of 77.93 against the US dollar.

“Weak global sentiments and weak Asian and European currencies have allowed the rupee to open below 78 after RBI ensured it did not cross 77.70. Have to watch the Reserve Bank of India (RBI) as to how it behaves in the next few days,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

Global oil benchmark Brent crude futures fell 1.46 per cent to USD 120.23 per barrel.

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 tanked 418.95 points or 2.59 per cent to 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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