Rupee drops 27-ps against USD, a record low of 78.40

Due to unabated outflows of foreign funds and losses in domestic equities, the Indian rupee fell by 27 paisas to a record low of 78.40 versus the US dollar on Wednesday.

According to Forex traders, a higher dollar outside also hurt the outlook for the rupee. However, they said, the loss to the currency was limited by falling crude prices on the global market.

The local currency opened flat at 78.13 against the dollar on the interbank foreign exchange market (FOREX),  and witnessed an intra-day peak of 78.13 and a low of 78.40.

The domestic unit eventually settled at a record low of 78.40, down 27 paise agaisnt its previous close. In the last session, the rupee had settled at 78.13 against the US dollar. Meanwhile, the dollar index, which measures the strength of the dollar against a basket of six different currencies, increased by 0.5% to 104.48. The benchmark for world oil, Brent crude futures, fell 4.46 percent to USD 109.54 a barrel.

In terms of domestic equities, the NSE Nifty slid 225.50 points or 1.44 percent to 15,413.30, while the BSE Sensex closed 709.54 points or 1.35 percent lower at 51,822.53.  According to stock exchange data, foreign institutional investors continued to be net sellers in the capital market on Monday, selling shares worth Rs 2,701.21 crore.

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