Rupee hits record low of 78.59 against US dollar in early trade

Mumbai: The Rs The US dollar fell 22 paise to a record low of 78.59 in early trade on Tuesday as sustained inflows of foreign funds weighed on investor sentiment. On the interbank foreign exchange, the rupee opened weaker against the US dollar at 78.53, then lost ground to quote at 78.59 – its all-time low, down 22 paise from the last close.
On Monday, the rupee fell 4 paise against the US dollar to close at a lifetime low of 78.37.
Rahul Kalantri, VP, Commodities, Mehta Equities Ltd, said the continued selling by FIIs in the domestic market was also putting pressure on the rupee.
According to Kalantri, further economic sanctions on Russia could push up global energy prices and put pressure on emerging market currencies. “We expect the rupee to remain volatile this week and cross the 78.55 level,” Kalantri said.
Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, was down 0.01 percent at 103.92.
On the domestic equity market front, the 30-share Sensex was down 314.88 points, or 0.59 per cent, at 52,846.40, while the broader NSE Nifty was down 101.75 points, or 0.64 per cent, at 15,730.30.
Foreign institutional investors were net sellers in the capital market on Monday as they traded at Rs. Sold 1,278.42 crore shares, according to stock exchange data.


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