Indian rupee hits all-time low

Indian rupee hits all-time low of 79.43 against US dollar

Due to weakness in the Indian stock market, and concerns about global economic growth, the Indian rupee fell to a new record low against the U.S. Dollar on July 11.

At 11:55am, the partially convertible rupee traded at 79.41/43 dollars, down from its Friday close of 79.25. Last week, the unit hit a record low of 79.3750.

The rupee opened weakly at 79.30 against US dollar at the interbank foreign currency and fell further to 79.33. This is a 7 paise decline over the last close. Initial trade saw the local currency reach a peak of 79.24 against the US dollar and fall to a low point of 79.35.

The dollar index, which measures the strength of the greenback against six currencies, rose 0.31 percent to 107.34. Brent crude oil futures fell 0.63 percent to USD 106.35 a barrel.

Both Indian equity benchmark indices, Sensex, and Nifty were both down 0.5 percent.

According to exchange data, foreign institutional investors were net sellers on Friday in the capital markets as they sold shares valued at Rs 109.31 million. In spite of the steady appreciation of the dollar, and rising interest rates in America, foreign investors continue to flee Indian equity markets. They have taken out more than Rs 4,000 crore so far this month.

However, foreign portfolio investors (FPIs), have been slowing down in selling over the past few weeks.


Indian rupee hits all-time low of 79.43 against US dollar
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