The Indian rupee on Tuesday lost 41 paise to end the day at a brand-new lifetime low of Rs. 79.36 against the US dollar due to a strong foreign currency and persistent outflows of foreign funds.
The rupee started out at Rs. 79.04 against the dollar on the interbank forex market, moving with an intraday high of Rs. 79.02 and a low of Rs. 79.38.
It finally settled at Rs. 79.36, down 41 paise from the previous closure. The rupee's closing price versus the US dollar on Monday was Rs. 78.95. The dollar index, which measures the strength of the dollar in relation to a basket of six different currencies, increased by 0.89 percent to 106.07.
Meanwhile, the global oil benchmark, Brent crude futures, dropped 1.10 percent to USD 112.25 a barrel.
The BSE Sensex fell 100.42 points, or 0.19 percent, to close at 53,134.35 on the domestic equities market, while the larger NSE Nifty fell 24.50 points, or 0.15 percent, to close at 15,810.85. According to exchange data, foreign institutional investors continued to be net sellers on Monday in the capital market, selling shares worth Rs. 2,149.56 crore.
Meanwhile, India’s merchandise exports in June scaled up 16.78% year-on-year to USD37.94 billion while the trade deficit reached a record USD25.63 billion on account of a steep increase in gold and crude oil imports, as per the government’s preliminary data released on Monday.