The rupee falls by 11 paise against the US dollar, violating the 78 mark for the first time.
Falling for the third straight session, the rupee fell 11 paise against the US dollar on Monday to close at a recent low of 78.04, as global markets slumped and a strong greenback abroad weighed on investor sentiment. Effect
The safe-haven dollar rose after U.S. consumer inflation hit a four-decade high in May as investors raced for a sharp rise in the Federal Reserve.
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Foreign exchange traders said weaker Asian currencies and steady outflows of foreign capital were other major factors that pushed the rupee lower.
In the interbank foreign exchange market, the local currency opened at 78.20 and saw intra-day highs of 78.02 and 78.29 against the US dollar.
The local unit finally hit its all-time low of 78.04, 11 paise lower than its previous close of 77.93.
The Indian rupee fell to an all-time low on signals from weaker regional currencies. More speculation of an increase in aggression, “said Dilip. Parmar, Research Analyst, HDFC Securities.
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