The Indian rupee on Monday weakened beyond the 78 mark for the first time to hit an all-time low against the US dollar, as global equities and currency markets saw a downturn.
Persistent foreign capital outflows, rising commodity prices and inflation weighed on investor sentiments, as global outlook switched to risk-adverse conditions.
At the interbank foreign exchange, the rupee opened at 78.20 against the American dollar, then lost ground to quote at 78.29 — its record low level, registering a fall of 36 paise from the last close.
On Friday, the rupee was on a downward trend, tumbling 19 paise to close at a fresh lifetime low of 77.93 against the U.S. dollar.
The dollar index, which gauges the US currency against a basket of global currencies, was trading 0.30 per cent higher at 104.45.
On the domestic equity market front, the 30-share Sensex was trading 1,461.54 points or 2.69 per cent lower at 52,841.90, while the broader NSE Nifty tanked 418.95 points or 2.59 per cent to 15,782.85.
Foreign institutional investors offloaded equity worth INR 3,973.95 crore, as per stock exchange data.
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius
