Rupee Hits Record Low Of 79.11 Per US Dollar For The First Time

The India Rupee had opened flat at 78.97 per dollar however it soon hit a record low of 79.11 on Friday against previous day's close of 78.97. This is for the first time that Rupee touched a new low of 79.11 in opening trade today.

According to a PTI report, at the interbank foreign exchange, the rupee opened on a weak note at 78.99 against the American dollar, then lost ground to quote at 79.11 - its all-time low level, registering a fall of 5 paise from the last close.

On Thursday, the rupee fell 3 paise to close at a fresh lifetime low of 79.06 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21 per cent higher at 104.90.

"The rupee opened low as there are no signs of fund flows or strength in Asian currencies, Brent crude oil prices coming down or a pause in interest rate hikes," according to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

Rupee closed at 78.96 on Wednesday. Now the partially convertible rupee has weakened 4.2% in the June month marking its biggest loss.