Mumbai: The Indian rupee opened at an all-time low against the US dollar and UAE dirham. The sustained foreign fund outflows is weighing upon the local currency.
At the interbank foreign exchange, the Indian rupee opened on weak at 78.86 against the American dollar. During trading it then reached at 78.96—its all-time low level, registering a fall of 11 paise from the last close. It is trading at 21.50 against the UAE dirham. On Tuesday, the Indian rupee plunged by 48 paise to close at record low of 78.85 against the US dollar. The rupee has lost 1.87% so far this month and has eroded a staggering 6.28% since the start of this year.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, was trading 0.08% lower at 104.42. Foreign institutional investors were net sellers in the share market as they offloaded shares worth Rs12,44.44 crore.
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