Indian Rupee hits lifetime low of 69.12 against dollar in opening trade

Rupee shed 7 paise to touch intraday low of 69.12, its all-time low level vs dollar. The rupee had touched its previous all-time intra-day low of 69.10 on June 28. 

Indian Rupee hits lifetime low of 69.12 against dollar in opening trade
The rupee hit a record low of 69.12 against dollar on Friday. Image source: Reuters
By ZeeBiz WebTeam
Updated: Fri, Jul 20, 2018
09:27 am
ZeeBiz WebDesk
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The rupee hit a record low of 69.12 against dollar on Friday, seconds after opening slightly higher. The local currency opened at 69.01 per dollar, up 4 paise against previous day's close. 

The currency, however, shed 7 paise to touch intraday low of 69.12, its all-time low level vs dollar. The rupee had touched its previous all-time intra-day low of 69.10 on June 28. 

On Thursday, the domestic currency took a hard 43-paise knock to close below the 69 level for the first time at a historic closing low of 69.05 against the US currency as upbeat comments on the US economy by the Federal Reserve chairman drove the greenback to one-year high levels higher against global currencies.

The domestic currency suffered a major setback as forex sentiment turned wobbled once again with a resurgent dollar and a slew of local issues sparking jitters among investors.

The US dollar surged to fresh one-year high after the Fed chief's testimony to the US Senate on Wednesday bolstered the expectations of interest rate hikes, though gradually.

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Meanwhile, the Sensex and Nifty were trading flat on Friday ahead of no-confidence motion against PM Narendra Modi-led government. At 9:20 am, the Sensex was trading at 36,362, up 11.11 points, while the broader Nifty50 was ruling at 10,956, down 0.80 points.

Overseas, Asian markets eked out modest gains as investor caution prevailed amid concerns about the European Union imposing retaliatory tariffs on US goods. US President Donald Trump’s criticism of Federal Reserve policy also hurt sentiment.