Rupee hits record low of 79.11 against US dollar in early trade
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21 per cent higher at 104.90.
The rupee depreciated 5 paise to a record low of 79.11 against the US 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 US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21 per cent higher at 104.90.
See Zee Business Live TV Streaming Below:
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," Bhansali said.
Global oil benchmark Brent crude futures rose 0.05 per cent to USD 109.09 per barrel.
On the domestic equity market front, the 30-share Sensex was trading 411.74 points or 0.78 per cent lower at 52,607.20, while the broader NSE Nifty declined 123.10 points or 0.78 per cent to 15,657.15.
Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 1,138.05 crore, as per stock exchange data.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
Top 7 Mid Cap Mutual Funds With up to 41% SIP Returns in 5 Years: No 1 fund has converted Rs 15,000 monthly investment into Rs 23,84,990
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
11:51 AM IST