Rupee Hit Record Low: Rupee hits all-time low in early trade; falls 27 paise to 86.31 per dollar

New Delhi| The trend of falling rupee continued for the second consecutive trading session. The rupee fell 27 paise due to a strong US currency amid volatile global cues. With this fall, the rupee came down to 86.31 per dollar. According to foreign exchange traders, there was pressure on the local currency due to record rise in crude oil prices, continuous withdrawal of foreign capital and negative trend in domestic stock markets.

The rupee opened at 86.12 per dollar in the interbank foreign exchange market. The all-time low against the dollar hit 86.31 after early deals, representing a sharp drop of 27 paise against the previous closing price. The rupee had fallen 18 paise to close at 86.04 against the US dollar.

Meanwhile, the dollar index, reflecting the position of the US dollar against the six major currencies, remained at 109.72, up 0.22 per cent. The return for 10-year U.S. bonds also rose to October 2023 levels of 4.76 percent. International standard Brent crude was up 1.44 percent at $80.91 a barrel.

Sensex and Nifty fell in early trade on Monday amid weak global trends and withdrawal of foreign capital. BSE Sensex fell by 843.67 points to 76,535.24 points in early trade. NSE Nifty slipped 258.8 points to 23,172.70 points.

Of the 30 Sensex-listed companies, shares of Asian Paints, Zomato, Mahindra & Mahindra, HDFC Bank, Bajaj Finance, Kotak Mahindra Bank and Tata Steel were the biggest losers. Shares of IndusInd Bank, Axis Bank, Tata Consultancy Services and Hindustan Unilever were among the gainers.

In Asian markets, South Korea’s Kospi, Hong Kong’s Hang Seng, and China’s Shanghai Composite were in loss. American markets closed with a negative trend on Friday. International standard Brent crude was up 1.62 percent at $81.05 a barrel.