PTI
Mumbai, July 12
The rupee weakened by 14 paise to close at a new lifetime low of 79.59 against the US dollar on Tuesday as a strong greenback overseas and persistent foreign fund outflows continued to weigh on investor sentiment.
Hits 79.66 intra-day
- At the forex market, the local unit opened weak at 79.55 against the greenback and witnessed an intra-day high of 79.53 and a low of 79.66
At the interbank forex market, the local unit opened weak at 79.55 against the greenback and witnessed an intra-day high of 79.53 and a low of 79.66. It finally settled at 79.59, down 14 paise over its previous close of 79.45. This was its fourth straight session of decline.
The dollar index, which measures the greenback’s strength against a basket of six currencies, advanced 0.48% to 108.54.
“The Indian rupee hit another record low today even after RBI’s measure of cross-border settlement in rupee announcement on Monday to stabilise the currency. “The fear of recession, foreign capital outflows and high inflation is supporting the king dollar,” said Dilip Parmar, Research Analyst, HDFC Securities.
The RBI on Monday asked banks to put in place additional arrangements for invoicing, payment, and settlement of exports/ imports in the domestic currency, in order to promote growth of global trade with emphasis on exports from India.
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