Mumbai: The Indian rupee depreciated to hit a record low against the US dollar in early trade on Monday. As per forex traders, the Indian currency was weighed down by the strength of the American currency in the overseas market and a negative trend in domestic equities.
At the interbank foreign exchange, the Indian rupee opened at 87.94 and slipped further to all-time low of 87.95 against the US dollar in initial deals, a fall of 45 paise from its previous close. On Friday, the Indian rupee recovered 9 paise from all-time low low level to close at 87.50 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 0.22 per cent higher at 108.28.
Foreign institutional investors (FIIs) offloaded equities worth Rs 470.39 crore in the Indian capital markets on a net basis on Friday. Meanwhile, India’s forex reserves rose $1.05 billion to $630.607 billion for the week ended January 31. In the previous reporting week, the overall reserves had increased by $5.574 billion to $629.557 billion.
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