Rupee Hits Record Low of 77.82 Against US Dollar in Early Trade

The value of the rupee fell 8 pounds to a record low of 77.82 against the US dollar at the opening of trading on Friday, tracking the strength of the dollar in overseas markets. In the interbank foreign exchange market, the rupee opened weak at 77.81 against the US dollar, then lost ground to quote at 77.82 – its lowest level ever, posting a drop of 8 piasters from the last close.

On Thursday, the rupee fell 6 pounds to close at 77.74 against the US dollar. Sriram Iyer, senior research analyst at Reliance Securities, said the rupee opened weaker against the dollar on Friday, tracking the dollar’s overnight strength.

Ayer noted that peers in Asian and emerging markets were mixed, while Asian stocks remained under pressure and could weigh on sentiment. Brent crude futures fell 0.66% to $122.26 a barrel.

Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, was down 0.04 percent at 103.17. On the local stock market front, the 30-share Sensex traded 620.68 points, or 1.12 percent, at 54,699.60, while the broader NSE Nifty index fell 165.30 points, or 1 percent, to 16,312.80.

Foreign institutional investors were net sellers in the capital market Thursday offloading shares worth Rs.1512.64 crore, according to stock exchange data.

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