Rupee hits record low of 78.29 vs Dollar in early trade 

Rupee hit a record low of 78.29 against the US dollar in early trade on Monday. Rupee ended at 77.83 on Friday when it hit its previous low of 77.93 against the American currency.  Rupee opened 78.20 against the US currency, and then lost ground to settle at 78.29, a fall of 36 paise since last close. 

Rupee tumbled 19 paise to close at 77.93 against the US dollar. Head of Tresaury at Finrex Anil Kumar Bhansali told news agency PTI, “Weak global sentiments and weak Asian and European currencies have allowed the rupee to open below 78 after RBI ensured it did not cross 77.70. Have to watch the RBI as to how it behaves in the next few days.”

As per forex traders, weak Asian currencies, lacklustre trend in domestic equities and persistent foreign capital outflows impacted investor sentiments. Foreign institutional investors (FIIs) turned net sellers and offloaded shares worth Rs 3,973.95 crore on Friday, as per stock exchange data. 

30-share Sensex has tanked by 1,460 points to 52,843 whereas Nifty is down 417 points to 15,784.  Bajaj twins, ICICI Bank and SBI are the top losers as they fell up to 4.02 per cent in early trade. 

India’s 10-year bond yield, on the other hand, rose to highest since more than three years on investor concerns over faster rate increases in the US following inflation data. US Treasuries dropped sharply in early Asia trade on Monday with the heaviest selling as investors scramble to price in an even steeper rate-hike path to fame inflation, news agency Reuters reported.