New Delhi: The Indian rupee closed at a new all-time low of 77.72 against the US dollar on Thursday, May 19. It marked the fifth record weak close for the rupee in the last 10 trending sessions.
At the interbank foreign exchange market, the rupee opened lower at 77.72 against the greenback, and finally settled for the day at 77.72, down 10 paise over its previous close. During the trading session, the rupee touched an intra-day low of 77.76 and a high of 77.63.
The rupee fell 18 paise to settle at 77.62 on May 18.
“Rupee consolidated in a narrow range despite sharp sell-off in domestic and global equities. Dollar also retraced from higher levels after economic numbers released from the US came below estimates,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
While the rupee has closed at a new lifetime-weak level for the fifth time in the last ten days, the currency’s losses could have been much more if the Reserve Bank of India had not intervened.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.28 per cent lower at 103.51.
Global oil benchmark Brent crude futures fell 1.87 per cent to $107.07 per barrel.
The 30-share BSE Sensex ended 1,416.30 points or 2.61 per cent lower at 52,792.23, while the broader NSE Nifty fell 430.90 points or 2.65 percent to 15,809.40.
Foreign institutional investors were net sellers in the capital market on Wednesday, as they offloaded shares worth ₹1,254.64 crore, as per stock exchange data.
In early trades on May 9, the Indian currency extended its losses against the US dollar, hitting an all-time low of 77.42, pulled down by the strength of the US dollar in the outside market, foreign money outflows, and a drop in local equities.