PTI
Mumbai, July 18
For the first time, the rupee declined to the low level of 80 against the US dollar in intra-day spot trading on Monday before ending the session 16 paise lower at 79.98 (provisional) amid a surge in crude oil prices and unrelenting foreign fund outflows.
Drops by 16 paise
- At the forex market, the local unit opened at 79.76 against the greenback but lost ground to touch the psychological low mark of 80 against the American currency
- The domestic unit clawed back some lost ground and closed at 79.98 (provisional), registering a fall of 16 paise over its previous close
At the interbank forex market, the local unit opened at 79.76 against the greenback but lost ground to touch the psychological low mark of 80 against the American currency. The local unit clawed back some lost ground and closed at 79.98 (provisional), registering a fall of 16 paise over its previous close.
On Friday, the rupee rebounded from the near-80 levels to close higher by 17 paise at 79.82 against the US currency.
According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the Indian rupee depreciated against the dollar on Monday after testing new lows as rising crude prices and persistent foreign fund outflows weighed on the currency.
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