Rupee Loses 7 Paise To Close At Record Low Of 77.63 Against USD; What Triggered The Fall?

Rupee continues its losing spree today as the currency lost 7 paise to end at a record low of 77.63 against US Dollar, according to a report in PTI. The factors responsible for the fall in the Indian Rupee included relentless foreign fund outflows and surging crude oil prices.

Rupee opened at 77.51 at the interbank forex market against the greenback and hovered in the range of 77.49 to 77.63 in today's trading hours, reported PTI.
At the close of the day, Rupee ended at 77.63, losing 7 paise over its earlier close of 77.56. According to Dilip Parmar, Research analyst at HDFC Securities, The US Dollar is about 2% off its recent high, witnessed last weak as risk-assets rebounded soon after People's Bank of China or PBOC declared a 15-bps cut in the 5-year Loan Prime Rate to back the economy.

Meanwhile, the Dollar Index registered the first weekly dip after 6 weeks of rising movement as a result of liquidation and preference for other currencies to emerge at lower level. It is worth noting that brent crude futures, global oil benchmark, surged 0.10 % to USD 112.15/barrel.

According to Gaurang Somaiya, Forex & Bullion Analyst at Motilal Oswal Financial Services, ""We expect the USD-INR to trade sideways and quote in the range of 77.05 and 77.80."