Rupee Surpasses 80 Mark Against Dollar to Hit a Record Low
The Wire Staff
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New Delhi: The rupee surpassed the 80 mark against the dollar to hit a record low on Tuesday, July 19.
According to Moneycontrol, at 9.10 am, rupee was trading at 80.01 a dollar, down 0.03% from its previous close. It opened at 79.99 and touched a fresh record low of 80.02.
It was the rupee's seventh straight session of record lows.
At the interbank foreign exchange, the rupee opened at 80 against the American dollar, then lost ground to quote at 80.05, registering a fall of 7 paise from the last close.
On Monday, July 18, the rupee for the first time declined to the low level of 80 against the US dollar in intra-day spot trading before ending the session 16 paise lower at 79.98 amid a surge in crude oil prices and unrelenting foreign fund outflows.
The rupee opened on a weaker note on Tuesday morning weighed down by outflows and high oil prices, Sriram Iyer, senior research analyst at Reliance Securities told PTI, adding that lack of intervention from the Reserve Bank of India could also weigh on sentiments.
According to Iyer, the range for the USD/INR pair for Tuesday's session is 79.75-80.12.
Also read: Global Settlement: Does the Rupee Have the Potential to Dethrone the Dollar?
"The depreciating currency is a concern. The bigger concern is rising crude prices, which puts a lot more pressure on the currency due to more dollar outflows," Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, told Reuters.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.12% higher at 107.49.
Global oil benchmark Brent crude futures fell 0.35% to $105.90 per barrel.
On the domestic equity market front, the 30-share Sensex was trading 86.4 points or 0.16% lower at 54,434.75, while the broader NSE Nifty fell 26.75 points or 0.16% to 16,251.75.
Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth Rs 156.08 crore, as per stock exchange data.
(With inputs from agencies)
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