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Forex Market: Indian rupee slips to all-time low against US dollar

Mumbai: The Indian currency declined to all-time low against the US dollar on Monday. Sustained foreign fund outflows and negative trend in the Indian equity markets weighed upon the Indian currency.

At the interbank foreign exchange market, the local currency opened at 83.78 and then fell to an all-time low of 83.80 against the American currency, registering a fall of 8 paise from its previous close. On Friday, the rupee settled 1 paisa higher at 83.72 against the US dollar in a range-bound trade.

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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was at 102.95, lower by 0.24 per cent.  In the domestic equity market, the 30-share BSE Sensex was trading 1533.11 points, or 1.89 per cent lower at 79,448.84 points. The broader NSE Nifty was down 463.50 points, or 1.88 per cent, to 24,254.20 points. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Friday as they offloaded shares worth Rs 3,310.00 crore.

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