The rupee drops 52 paise to an all-time low of 77.42 against the US dollar at the start of trading
The rupiah extended its losses and hit an all-time low of 77.42 against the US dollar in early trading on Monday, weighed down by the strength of the US currency in the overseas market and continued outflows of foreign funds.
On the interbank exchange, the rupee opened at 77.17 against the US dollar, then lost ground to quote at 77.42, registering a drop of 52 paise since the last close.
On Friday, the rupee fell 55 paise to close at 76.90 against the US dollar.
The Indian rupee opened lower on Monday against the dollar as weakness in global equities on concerns over the economic outlook and rising bond yields weighed on sentiment, said Sriram Iyer, senior research analyst at Reliance Securities. .
Forex traders said risk appetite weakened amid growing concerns over inflation that could trigger more aggressive rate hikes by global central banks.
The dollar index, which measures the strength of the greenback against a basket of six currencies, traded up 0.35% at 104.02, following higher US yields and fears over higher US yields. interest rate.
Additionally, Asian and emerging market peers started weak on Monday morning and will weigh on sentiment.
On the domestic stock market front, the 30-stock Sensex traded 737 points or 1.34% lower at 54,098.58 points, while the broader NSE Nifty was down 220.25 points or 1.34 % to 16,191.00 points.
Brent futures, the global oil benchmark, rose 0.14% to $112.55 a barrel.
Foreign institutional investors were net sellers in the capital market on Friday as they sold shares worth Rs 5,517.08 crore, according to stock market data.