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Forex Market: Indian rupee hits record low against US dollar

Mumbai: The Indian rupee touched an all-time low against US dollar in  early Wednesday trading. As per forex traders, strengthening of the US currency in the global markets and sustained foreign fund outflows weighed upon the Indian currency.

At the interbank forex market, the Indian rupee opened at its historic low of 84.23 against the  US dollar, down from its previous close of 84.09. On Tuesday, the Indian currency had ended slightly stronger, gaining 2 paise.

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Meanwhile, the dollar index, which tracks the strength of the US dollar against six major currencies, climbed 1.64% to 105.11. Foreign institutional investors (FIIs) were net sellers  in the Indian equity marketson Tuesday. They withdrew  Rs 2,569.41 crore from the capital markets.

 

 

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