Rupee hits new lifetime low at 79.36 against US dollar

Mumbai: The rupee fell by 41 paise to close at a fresh lifetime low of 79.36 (provisional) against the US dollar on Tuesday amid a strong greenback overseas and unrelenting foreign fund outflows.

At the interbank forex market, the local unit opened at 79.04 against the greenback and witnessed an intra-day high of 79.02 and a low of 79.38.

It finally settled at 79.36 (provisional), down 41 paise over its previous close.

“Rupee is expected to trade on a negative note on a firm tone in the US Dollar, elevated oil prices, and weak global market sentiments,” according to market experts.

In a research report, Kotak Securities said the dollar will touch Rs 80 in the near term.

Citing the uncertainty in the global macro environment, the report said the Indian rupee is likely to be under pressure, especially if crude prices remain elevated and global growth slows down.

On the other hand, the price of 24 carat gold touched Rs 54,000 per 10 grams.

Image courtesy of (kalinga tv)