Rupee falls 22 paise to record low of 79.48 against US dollar

MUMBAI: The rupee depreciated by 22 paise to close at a fresh lifetime low of 79.48 (provisional) against the US dollar on Monday, tracking a strong greenback overseas and subdued domestic equities.

However, receding crude oil prices in the international market restricted the rupee's loss, forex traders said.

At the interbank forex market, the local unit opened weak at 79.30 against the greenback and witnessed an intra-day high of 79.24 and a low of 79.49. It finally settled at 79.48 (provisional), down 22 paise over its previous close of 79.26.

The dollar index, which measures the greenback's strength against a basket of six currencies, advanced 0.56 per cent to 107.60. On the domestic equity market front, the BSE Sensex ended 86.61 points or 0.16 per cent lower at 54,395.23, while the broader NSE Nifty declined 4.60 points or per cent to 0.03.

Brent crude futures, the global oil benchmark, fell 1.43 per cent to USD 105.49 per barrel.

Foreign institutional investors were net sellers in the capital market on Friday as they sold shares worth Rs 109.31 crore, as per exchange data.

Foreign investors have pulled out over Rs 4,000 crore this month so far amid steady appreciation of the dollar and rising interest rates in the US.

However, the pace of selling by foreign portfolio investors (FPIs) has been declining over the last few weeks.