The Indian rupee declined by 22 paise to settle at a brand-new lifetime low of 79.48 against the US dollar, following a strong US dollar abroad and weak domestic stocks. However, declining crude oil prices on the global market limited the rupee's loss, forex traders said.

At the interbank foreign exchange market, the local currency opened weakly versus the US dollar at 79.30, with a day's high of 79.24 and low of 79.49. The final price, which is provisional, is 79.48, which is a 22-paise decrease from the previous closure of 79.26.  The dollar index, which gauges the strength of the dollar against a basket of six different currencies, rose by 0.56 percent to 107.60. The benchmark for world oil, Brent crude futures, decreased 1.43 percent to USD 105.49 a barrel.

On the Indian share market front, the BSE Sensex dropped 86.61 points, or 0.16 percent, to close at 54,395.23 on the local equities market, while the NSE Nifty fell 4.60 points to close at 0.03. 

As per exchange data, foreign institutional investors sold shares worth Rs109.31 crore on Friday, making them net sellers in the capital market. Since the beginning of the month, foreign investors have withdrawn more than Rs4,000 crore due to the steadily rising currency and US interest rates. However, over the past few weeks, foreign portfolio investors (FPIs) have been selling at a slower rate.

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