The Indian rupee on Friday fell to a record low against the US dollar for the fifth consecutive session amid a firming dollar, continuous outflow of foreign institutional investors (FIIs) from the local market, rising trade-deficit numbers. On July 15, the domestic unit opened lower by 5 paise at 79.92 against the US dollar. The rupee had closed at 79.87 per US dollar during the previous session.
“The rupee is expected to decline today amid a strong dollar and pessimistic global market sentiments. Additionally, continued FII outflows and concerns of an imminent bearish trend could hurt the rupee. In addition, investors are expected to remain cautious ahead of key US economic data and statements from Fed officials. US$INR (July) is expected to trade in the range of 79.60-80.20,” ICICI Direct said in a note.
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