The rupee has depreciated 1.87% so far this month and 6.28% since the beginning of this year.
The rupee has depreciated 1.87% so far this month and 6.28% since the beginning of this year.
The rupee depreciated 11 paise to a record low of 78.96 against the US dollar in early trade on Wednesday, weighed down by continued foreign capital outflows.
At the interbank foreign exchange, the rupee opened on a weaker note against the US dollar at 78.86, then lost ground to bid at 78.96 – its all-time low, recording a fall of 11 paise from the previous close.
The rupee on Tuesday lost 48 paise to close at a record low of 78.85 against the US dollar.
The rupee opened weaker against the dollar on Wednesday as renewed focus on a weak economic outlook led to losses in Asian currencies and equities, said Sriram Iyer, Senior Research Analyst at Reliance Securities.
“The Reserve Bank of India (RBI) may be present to contain volatility, but the price growth bias may be mitigated by the strength of crude,” Mr. Iyer said, adding that the rupee ranges from 78.50-79.10 on Wednesday. .
The rupee has depreciated 1.87% so far this month and 6.28% since the beginning of this year.
Global oil benchmark Brent crude futures fell 0.88% to $116.94 a barrel.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.08% lower at 104.42.
On the domestic equity market front, the 30-share Sensex was trading 474.05 points or 0.89% lower at 52,703.40, while the broader NSE Nifty was trading 137.75 points or 0.87% lower at 15,712.45.
Foreign institutional investors were net sellers in the capital markets on Tuesday as they sold shares worth 1,244.44 crore, according to stock exchange data.