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The Rupee weakened to an all-time low against the dollar in opening trade.

The Rupee weakened to an all-time low against the dollar in opening trade on Tuesday. Tracking persistent foreign fund outflows and elevated global crude oil prices. This comes even as the Sensex rose for a second consecutive season. The rupee fell 14 paise to 77.69 against the US dollar in early trade. 

On Friday, the rupee pared its initial gains and settled 5 paise lower at its fresh lifetime low of 77.55 against the US dollar. Inflation concerns and the strength of the American currency weighed on the local unit. Forex traders said the rupee consolidated in a narrow range. The weakness in regional currencies and depressing economic data weighed on the domestic unit. Intervention from the Reserve Bank of India (RBI) restricted the losses. 

On a weekly basis, the rupee has depreciated 65 paise on the back of a stronger dollar index.  

On a weekly basis, the rupee has depreciated 65 paise on the back of a stronger dollar index. With risk-off sentiment and foreign fund outflows. Telecom operator Bharti Airtel and refiner Indian Oil Corp rose 0.3 percent and 1 percent which is respectively, ahead of their quarterly earnings results. Asian shares were higher despite investors’ fears that the global economic recovery may be more fragile than expected

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