Mumbai: Rupee Selling in domestic equities and a strong greenback overseas on Friday ended 11 paise lower at a new lifetime low of 77.85 (provisional) against the US dollar and weighed on investor sentiment.
Forex traders said persistent foreign capital outflows, rise in global crude oil prices and risk aversion sentiments also influenced the domestic unit.
At the interbank forex market, the local currency opened higher at 77.81 and witnessed intra-day highs of 77.79 and low of 77.87 against the US Dollar.
The local unit finally closed at its all-time low of 77.85, 11 paise lower than its previous close of 77.74.
“Indian Rupee slips to record low amid risk-adverse sentiment, weak macro data and strong dollar index. Rupee hits new record low of 77.8725 as central bank stays away from intervention while importers Let’s run for dollars,” said Dileep. Parmar, Research Analyst, HDFC Securities.
Parmar further said that overriding global central banks to fight inflation with higher interest rates remains a headwind for riskier assets and favors dollar bulls.
“On the domestic front, spot USD-INR is expected to consolidate in the range of 77.50 to 78.30 with a bullish bias,” he said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.20 per cent to 103.43.
Global oil benchmark Brent crude futures rose 0.51 per cent to $123.70 per barrel.
On the domestic equity market front, the BSE Sensex ended 1,016.84 points or 1.84 per cent lower at 54,303.44, while the broader NSE Nifty ended 276.30 points or 1.68 per cent lower at 16,201.80.
Foreign institutional investors were net sellers in the capital market on Thursday as they sold shares worth Rs 1,512.64 crore, according to stock exchange data.
Forex traders said persistent foreign capital outflows, rise in global crude oil prices and risk aversion sentiments also influenced the domestic unit.
At the interbank forex market, the local currency opened higher at 77.81 and witnessed intra-day highs of 77.79 and low of 77.87 against the US Dollar.
The local unit finally closed at its all-time low of 77.85, 11 paise lower than its previous close of 77.74.
“Indian Rupee slips to record low amid risk-adverse sentiment, weak macro data and strong dollar index. Rupee hits new record low of 77.8725 as central bank stays away from intervention while importers Let’s run for dollars,” said Dileep. Parmar, Research Analyst, HDFC Securities.
Parmar further said that overriding global central banks to fight inflation with higher interest rates remains a headwind for riskier assets and favors dollar bulls.
“On the domestic front, spot USD-INR is expected to consolidate in the range of 77.50 to 78.30 with a bullish bias,” he said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.20 per cent to 103.43.
Global oil benchmark Brent crude futures rose 0.51 per cent to $123.70 per barrel.
On the domestic equity market front, the BSE Sensex ended 1,016.84 points or 1.84 per cent lower at 54,303.44, while the broader NSE Nifty ended 276.30 points or 1.68 per cent lower at 16,201.80.
Foreign institutional investors were net sellers in the capital market on Thursday as they sold shares worth Rs 1,512.64 crore, according to stock exchange data.