Mumbai: The Indian rupee has made one of its worst opening sessions on Monday. The local currency touched all-time low against the US dollar in early trade. As per forex traders, a record surge in crude oil prices, sustained outflow of foreign capital, and a negative trend in domestic equity markets also kept the Indian currency under pressure.
At the interbank foreign exchange, the rupee opened at 86.12 and fell to the historic low level of 86.31 against the US dollar in initial deals, registering a steep loss of 27 paise from its previous close. On Friday, the rupee declined 18 paise to settle at 86.04 against the US dollar.
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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading up 0.22 per cent to its over two-year-high level .
Foreign institutional investors (FIIs) offloaded Rs 2,254.68 crore in the Indian capital markets on a net basis on Friday. , The Reserve Bank of India said the country’s forex reserves dropped by $5.693 billion to $634.585 billion in the week ended January 3.
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