Rupee falls 12ps to all-time low of 88.80/$

Mumbai: The rupee depreciated 12 paise to revisit its all-time low of 88.80 (provisional) against the US dollar, weighed down by negative domestic equities and overnight gains in the American currency. Forex traders said foreign fund outflows amid a risk-off mode globally further dented investor sentiment.

However, a decline in crude oil prices and reports of RBI intervention supported the local unit and restricted the slide. At the interbank foreign exchange, the rupee opened at 88.73 against the greenback and fell to an intraday low of 88.81 and a high of 88.73. It finally closed the day at 88.80 against the greenback, registering a decline of 12paise over its previous close of 88.68.

On September 30, the rupee had fallen to an all-time low of 88.80 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.10 per cent higher at 99.36.

According to some experts, US-India trade tariffs are the only point which is hurting investors’ sentiments. A team of senior officials from India will visit the US this week for trade talks, and negotiations on the proposed bilateral trade agreement are progressing well, a top official said on Monday.