Mumbai: The Indian currency depreciated to hit a new all-time low against the US dollar in early trade on Thursday. As per forex traders, sustained outflow of foreign capital amid increased month-end demand of the American currency, strengthening of the US dollar and elevated crude oil prices weighed upon the Indian rupee. Positive sentiment in domestic equity markets failed to support the Indian currency.
At the interbank foreign exchange, the Indian rupee opened weak at 85.23 and slipped further to hit a life-time low of 85.25 against the US dollar in initial deals, registering a loss of 10 paise against its previous closing level. On Tuesday, the rupee fell 4 paise to settle at a record low of 85.15 against the US dollar. The forex markets were closed on Wednesday for Christmas.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading marginally lower by 0.11 per cent but remained elevated at 107.90. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Tuesday, as they offloaded shares worth Rs 2,454.21 crore.
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