Rupee Plunges 11 Paise to Hit Record Low of 78.96 Against US Dollar in Early Trade

Mumbai: The rupee depreciated 11 paise to a file low of 78.96 towards the US greenback in opening commerce on Wednesday, weighed down by persistent overseas capital outflows. At the interbank overseas change, the rupee opened on a weak be aware at 78.86 towards the American greenback, then misplaced floor to cite at 78.96 — its all-time low stage, registering a fall of 11 paise from the final shut.

On Tuesday, the rupee plunged by 48 paise to shut at file low of 78.85 towards the US greenback. The rupee opened weaker towards the greenback on Wednesday as renewed give attention to the weak financial outlook prompted losses on Asian currencies and shares, mentioned Sriram Iyer, Senior Research Analyst at Reliance Securities.

“The Reserve Bank of India (RBI) could be present to curb volatility, but the strength of crude oil could cap appreciation bias,” Iyer mentioned, including that the vary for the rupee on Wednesday is 78.50-79.10. The rupee has misplaced 1.87 per cent up to now this month and has eroded a staggering 6.28 per cent for the reason that begin of this 12 months.

Global oil benchmark Brent crude futures fell 0.88 per cent to USD 116.94 per barrel. Meanwhile, the greenback index, which gauges the buck’s energy towards a basket of six currencies, was buying and selling 0.08 per cent decrease at 104.42.

On the home fairness market entrance, the 30-share Sensex was buying and selling 474.05 factors or 0.89 per cent decrease at 52,703.40, whereas the broader NSE Nifty declined 137.75 factors or 0.87 per cent to fifteen,712.45. Foreign institutional traders have been internet sellers within the capital market on Tuesday as they offloaded shares price Rs 1,244.44 crore, as per inventory change knowledge.

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