Rupee hits fresh record low, slips to 77.59 against US dollar
New Delhi, May 12: The Indian rupee fell dramatically against the US dollar on Thursday, hitting a new all-time low of 77.59 in early trade, amid a broader slide in Asian currencies and a lacklustre trend in domestic equity markets.
Foreign fund outflows and rising crude oil prices also weighed on the domestic currency, according to forex traders.
The rupee opened substantially lower at 77.52 against the US dollar on the interbank foreign exchange, then fell further to 77.59.
The rupee had settled at 77.25 against the dollar in the previous session.
The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.10 percent at 103.95.
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In early trade, the BSE Sensex and NSE Nifty both fell over 2% as the United States' April inflation figures, which remained persistently high in April, shook investor confidence.
Investors at home awaited the release of April's retail inflation data, which was slated for 5:30 p.m. today.
Meanwhile, the Reserve Bank of India (RBI) is expected to raise inflation projections at its next Monetary Policy Committee (MPC) meeting and consider a rate hike to contain inflation that is over its comfort level, according to sources.
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-PTC News
